Mechanical properties of composites manufactured by high-temperature polymer polyether ether ketone (PEEK) with continuous reinforced fibers are closely dependent on ambient temperature variations. In order to effectively study fatigue failure behaviors of composites under the coupled thermo-mechanical loading, a well-established microscopic model based on a representative volume element (RVE) is proposed in this paper. Stiffness degradation behaviors of the composite laminates at room and elevated temperatures are firstly investigated, and their failure strengths are compared with experimental data. To describe the fatigue behaviors of composites with respect to complex external loading and ambient temperature variations, a new fatigue equation is proposed. A good consistency between theoretical results and experimental data was found in the cases. On this basis, the temperature cycling effects on the service life of composites are also discussed. Microscopic stress distributions of the RVE are also discussed to reveal their fatigue failure mechanisms.