Mechanical components are subjected heavy alternate load in industries, such as engine crankshaft, wheel axle, etc. The fatigue failure happens after a long work loading, which affects the production cost, safe and time. So the fatigue life predication is fundamental for the mechanical components design. Especially, it is very important for heavy, high-speed machinery. In this paper, both main fatigue life predication formulas are introduced briefly, including Manson-Coffinn formula and Damage strain model. Then, shortages of above life predication formulas are pointed out, and coefficients are explained in detail. Further calculation error analysis is conducted on the basis of experiments on 16 materials. Results show that above life predication formulas lack calculation accuracy. Finally, it is pointed out that coefficients of fatigue life predication formulas are dependent of material performance. So it is unreliable that coefficients are constants for Manson-Coffin and Damage strain model.