The Sense of Agency (SoA) refers to the sense of controlling our actions and, by that, events in the outside world. A common SoA measure is sensory attenuation, the phenomenon that self-produced action effects are perceived as less intense than physically identical but externally produced effects. However, some recent studies cast doubt on the validity of sensory attenuation as a cue to the SoA and raise the possibility that sensory attenuation is a product of enhanced stimulus predictability rather than a correlate of the SoA per se. The present study aimed to further investigate the validity of sensory attenuation as a measure of the SoA within a multi-step action paradigm. Participants (N = 40) produced tones with a button press during one block and with a sequence of three button presses in another. The timings in these blocks were recorded and subsequently replayed, and button presses were replaced by numbers on the screen, which in the 3-step condition rendered the tones highly predictable despite the absence of an action. By means of a psychophysical task, sensory attenuation of the tones was measured through the point of subjective equality (PSE). The results revealed stronger sensory attenuation for self-generated than externally generated tones, irrespective of the number of steps. Judgments of agency, measured only in the active conditions, were higher for tones produced with the 1-step than the 3-step action. The results underline the importance of motor action for sensory attenuation and point to reduced agency perception in multi-step actions.