The aim of the current work was the experimental determination of limit stresses in the uniaxial cyclic compression test that lead to advancing ratcheting in different WC-Co hardmetal grades at elevated temperature. At stresses below the limit stress the plastic strain per cycle reduces and plastic strain accumulation stops after a characteristic number of load cycles. Special attention was paid to the microstructural influence on the onset of advancing ratcheting and the associated damage development at the microstructure level. WC-Co hardmetals are used in various areas such as forming and forging tools, where they are exposed to high temperatures and pressure loads. Their good high-temperature properties allow them to be used under these conditions, but these properties are influenced by the microstructure. Investigations of the mechanical properties of hardmetals had been carried out under monotonously increasing loads and cyclic tests at room temperature and elevated temperatures. In these tests, the effect of different stress ratios R = σmin/σmax on the fatigue behaviour of hardmetals were studied, However, no studies are known for WC-Co hardmetals and their limit stresses in relation to strain ratcheting under cyclic compressive loading at elevated temperature. Hence, in the current work the influence of increasing stresses as a function of microstructure and their effect on the evolution of the strain of six different WC-Co hardmetal grades are discussed. For this purpose, the materials were investigated by uniaxial cyclic compression tests at a stress ratio of R = −∞ at 700 °C and 800 °C in vacuum. The investigated hardmetal grades differ on the one hand in their WC grain size, which varies between 0.4 μm and 2.0 μm, and on the other hand in their Co-content, which varies between 6 wt% and 12 wt%. The residual strain value eres at zero applied stress was observed to stabilize with increasing number of load cycles at low applied stress ranges. Strain ratcheting occurred above a critical stress range, referred to as the limit stress for strain ratcheting. Strain ratcheting is the accumulation of plastic strain with increasing number of load cycles in which no strain stabilization occurs. Further, for all investigated hardmetal grades, the limit stresses were observed to decrease with increasing temperature. In the following, the microstructure of one hardmetal grade was analysed after loading below and above the limit stress by scanning electron microscopy and electron backscatter diffraction (EBSD). The influence of strain stabilization and ratcheting was analysed with regard to damage development and deformation behaviour of the WC and Co-phases. Strain ratcheting was observed to result in the formation of cavities and nanopores at phase boundary triple points and WC/Co interfaces. Additionally, the EBSD data showed that the fcc Co phase was transformed into hcp Co. Therefore, it is assumed that on the one hand, a certain strain value needs to be exceeded for strain ratcheting to occur and, on the other hand, that besides dislocation movement, microdefect formation and phase transformation significantly contribute to the increase in strain.