Shape memory alloys, particularly in the form of thin wires, are becoming increasingly attractive in the industrial field for the construction of compact actuators with high-power density. The structural and functional fatigue behavior of shape memory alloys undergoing thermomechanical cycling has been investigated only partially in the technical literature. In particular, the effects of operating parameters like the degree of martensite-austenite transformation and the heating rate on the fatigue life of the alloy have received very little attention so far. This paper explores the effect of these two parameters on the fatigue response of commercial SMA wires exposed to two linear stress-strain profiles during cycling. The results show the beneficial effects of partial transformation on the structural and functional life of the wires, with negligible loss of performance in terms of useful stroke. Though less markedly, the heating rate also has an effect on the structural and functional response, with the sine waveform supply performing better than the square profile.