Biaxial low cycle fatigue test was carried out to predict fatigue life under combined axial-torsional-loading condition which is that of in-phase and out-of-phase for CF8M cast stainless steels. Fatemi-Socie(FS) parameter which is based on critical plane approach is not only one of methods but also the best method that can predict fatigue life under biaxial loading condition. But the result showed that, biaxial fatigue life prediction by using FS parameter with several different parameters for the CF8M cast stainless steels is not conservative but best results. So in this present research, we proposed new fatigue life prediction parameter considering effective shear stress instead of FS parameter which considers the maximum normal stress acting on maximum shear strain and its effectiveness was verified.