The cyclic loading generated by injection and production operations in underground gas storage facilities can lead to fatigue damage to cement sheaths and compromise the integrity of wellbores. To investigate the influence of cyclic loading on the fatigue damage of well cement, uniaxial and triaxial loading tests were conducted at different temperatures, with maximum cyclic loading intensity ranging from 60% to 90% of the ultimate strength. Test results indicate that the compressive strength and elastic modulus of well cement subjected to monotonic loading under high-temperature and high-pressure (HTHP) testing conditions were 14–21% lower than those obtained under ambient testing conditions. The stress–strain curve exhibits stress–strain hysteresis loops during cyclic loading tests, and the plastic deformation capacity is enhanced at HTHP conditions. Notably, a higher intensity of cyclic loading results in more significant plastic strain in oil-well cement, leading to the conversion of more input energy into dissipative energy. Furthermore, the secant modulus of well cement decreased with cycle number, which is especially significant under ambient test conditions with high loading intensity. Within 20 cycles of cyclic loading tests, only the sample tested at a loading intensity of 90% ultimate strength under an ambient environment failed. For samples that remained intact after 20 cycles of cyclic loading, the compressive strength and stress–strain behavior were similar to those obtained before cyclic loading. Only a slight decrease in the elastic modulus is observed in samples cycled with high loading intensity. Overall, oil-well cement has a longer fatigue life when subjected to HTHP testing conditions compared to that tested under ambient conditions. The fatigue life of well cement increases significantly with a decrease in loading intensity and can be predicted based on the plastic strain evolution rate.