The core of ultrasonic accelerate fatigue test is resonance, and specimens need resonating with the system. The ultrasonic fatigue test method was used to investigate the high cycle fatigue properties of LZ20Mn2 axle pipe steel. Tests were conducted on cylindrical dog-bone specimens, and all fatigue loadings were controlled by inputting vibration amplitude. The results showed that the S-N curve of LZ20Mn2 axle pipe steel presented a slow-decline shape and subsurface crack initiation. The fatigue fracture was observed by SEM. Two different crack initiation mechanisms were observed which were the mixed inclusions and dislocation. Crack closure effect played an important role at fatigue crack propagation area and the fracture mechanism was a typical plastic fracture.