A new multiaxial fatigue criterion is proposed that takes into account the influence of material properties and loading conditions on the direction of the critical fatigue plane. Poisson's effect, normal and shear strain energies, both elastic and plastic, and material hardening can be taken into account in this criterion. Ten different materials subjected to various loading paths with different test-sample geometries are used to validate the capabilities of the proposed approach. The comparison with other commonly used energy-based criteria is also presented. The results show that the proposed criterion provides very good predictions for all the analysed materials and loading conditions (within a factor of two) used in this work. The error in life prediction with the present approach also compares favourably with respect to other criteria available in the literature.