It is well known that shot peening has a marked benefit on fatigue life for the majority of applications. This effect is attributed mainly due to the compressive residual stress state at the component’s surface due to shot peening. The present paper evaluates the ability of several fatigue life prediction models, commonly used for general analyses, to predict the behaviour of components with compressive residual stress due to shot peening. Advanced elastic-plastic finite element analyses were carried out in order to obtain stress, strain, strain energy and fracture mechanics parameters for cracks within a compressive residual stress field. With these results several total fatigue life prediction models (including critical distance methods) and fracture mechanics based models were applied in order to predict fatigue life. Fatigue life predictions were compared with several experimental fatigue tests carried out on specimens, representative of a critical region of a compressor disc in a gas turbine aero engine. The results obtained showed that total fatigue life methods, even if combined with critical distance methods, give conservative results when shot peening is considered. Fatigue life was successfully predicted using the method proposed by Cameron and Smith, by adding initiation life to crack propagation life. This last method was also successfully applied for the prediction of non-propagating cracks that were observed during the experimental tests.