This paper focuses on life prediction models considering the variability of loads. It describes the fatigue strength and crack growth behavior of AISI 304L austenitic stainless steel at room temperature. The deformation behavior of the austenitic stainless steel was investigated via tensile and fatigue tests. Crack tests were performed on CT50 specimens for constant ΔP and ΔK under different cyclic loads before the specimen was severely cracked by a monotonically increasing load. The impact of loading sequence and the evolution of the dissipated energy ΔJ were investigated using constant charge ΔP and stress intensity ΔK. The dissipated energy per cycle is used to predict fatigue crack growth. Experimental results proved that the various parameters considered in terms of cyclic loading and the results obtained under monotonic loading up to unstable failure show that cracking at constant ∆P is significantly more damaging than at constant ∆K. Therefore, cyclic loading with a constant pressure drop will result in faster crack growth or shorter fatigue life than loading with a constant stress intensity factor ΔK.