In the engineering application of high strength steel and surface strengthening steel, fisheye failure is often happened in high cycle fatigue. To explore the effect of fisheye failure on high cycle fatigue properties of materials, a high cycle fatigue life model was established based on the Murakami and Tanaka’s fatigue strength models. The model introduces the error circle to evaluate fisheye size, and discusses the influencing factors of fatigue strength. The results show that the size and depth of fisheye failure will affect performance of materials. The proposed model considering the size and depth of defect quantitatively shows the influence of fisheye details on material performance, and effectively predicts the high/ultra-high cycle fatigue life.