The strain-based fatigue tests of 42CrMo alloy steel were conducted by controlling six sets of total strain range, and stress range data was obtained under each strain range. The results of fatigue test revealed that fatigue performance of 42CrMo alloy steel was of tremendous dispersivity all though materials were strictly chosen, heat-treated and machined. Cyclic stress-strain (CSS) curves were compared with monotonic tensile curve, which showed that 42CrMo alloy steel quenched and tempered was a kind of cyclic softening material. Evaluation results revealed that LND was the best probability function to describe cyclic stress of strain fatigue for 42CrMo steel. Cyclic stress range under the median and high probability was evaluated by means of stochastic performance probability models.