Abstract This work investigates the effect of cyclic loading upon periodic elasto-plastic porous materials. The aim is to understand the evolution of the underlying microstructure, described here with a single void embedded in a cubic unit-cell. Periodic finite element (FEM) calculations are carried out under a finite strain deformation process keeping the absolute value of the stress triaxiality and the Lode angle constant during the cycle. As a result of the applied loading conditions, the void geometry, both volume and shape, change significantly leading to porosity and void shape ratcheting. The void shape becomes non-spherical from the very first cycle leading to a markedly asymmetric cyclic response of the material. This, in turn, results in an observed maximum stress as a function of the number of cycles. In addition, even though the average applied strains are relatively small, the local strains near the void surface increase significantly inducing a significant localization of the deformation. Finally, several initial void shape configurations are also considered. In the majority of the cases studied, the void evolves into a crack-type shape in the direction of the minimum absolute stress. This, in turn, is consistent with a configuration corresponding to a crack subjected to a mode I cyclic loading.