Particle reinforced metal matrix composites (MMCs) based on high-alloyed CrMnNi steels and partially stabilized zirconia (Mg-PSZ) are produced using the hot pressing technique. The resulting materials differ in the chemical composition of the high-alloyed steel matrix and volume fraction of Mg-PSZ. The change of chemical composition has a substantial influence on the austenite stability and stacking fault energy, triggering different deformation mechanisms in terms of the deformation-induced transformation of austenite into ϵ- and/or α′-martensite and/or deformation-induced twinning. MMCs with 5 and 10 vol% Mg-PSZ as well as unreinforced steels are investigated in total strain controlled fatigue tests. The focus of this work is to clarify the effect of the matrix strength and Mg-PSZ volume fraction on the cyclic deformation behavior. This includes the discussion of cyclic hardening and/or softening during fatigue tests, consequences on the fatigue life times and deformation-induced microstructures.