The fracture behaviour of concentrically loaded circular hollow section (CHS) bracing members under extremely low cycle fatigue (ELCF) is examined in this paper. Finite element (FE) models capable of predicting fracture initiation and propagation on cyclically loaded braces were developed. A structural steel ductile fracture criterion, together with a damage accumulation rule that can account for the effects of both stress triaxiality and Lode angle, was adopted in the FE models. The FE models were validated against the available test results from different experimental programmes and shown to provide an accurate prediction of both the hysteretic response and the ELCF fracture cracking process. The coupling effects of buckling and fracture on the ELCF performance of braces were assessed through a parametric study. This parametric study examined the influences of the geometry, material and manufacturing process on the local and global deformation, and the ductility of the braces. Predictive equations for the localized strains and member ductility were proposed based on a plastic hinge model. The seismic performance of a chevron braced frame was also evaluated in terms of storey drift angle according to the requirements of the current design code.