We studied microstructure evolution during tension-compression fatigue in low carbon steels, containing C: 0.15 mass%. In situ monitoring of axial-shear-wave attenuation and velocity was achieved with electromagnetic acoustic resonance (EMAR), which is a combination of the resonant spectroscopy technique and a noncontacting electromagnetic acoustic transducer (EMAT). Transduction occurs with the magnetostriction effect and is the key to establish a continuous monitoring of microstructural changes in the surface region of the metals with high sensitivity. We found for the first time that the attenuation is highly sensitive to the accumulated fatigue damage, showing a minimum around 20% of the whole life. This phenomenon is interpreted in terms of drastic change of dislocation mobility and rearrangement, which is supported by TEM observation for dislocation structure. This technique has the potential to assess the damage advance and to predict the fatigue life of metals.