The corrosion, corrosion fatigue and fracture failure process of aircraft structure is directly concerned with combined effect of many factors, such as load, material characteristics, corrosive environment and so on. The process is very complicated, and there is typical randomness. Based on probabilistic fracture mechanics, with consideration of the limitation of the conventional probabilistic approaches for prediction of corrosion fatigue life of aircraft structure at present, and a new reliability approach under loading spectrum was proposed, in which corrosion damage and fatigue crack damage was united as a same damage parameter. Short crack and long crack growth behavior was separately discussed, and influence of short crack aspect ratio on structure life was discussed. The Advanced First-Order Reliability Method, Importance Sampling Method and iteratively advanced Second-Order Reliability Method were used to compute the fracture failure probability. The results show that the model is feasible. By sensitivity analysis of random parameter, the important parameter was obtained, which helped to monitor the structure fatigue life.