S-N curve and fatigue parameters of 48MnV are obtained using small sample tests and staircase or up and down method, which paves the way for predicting fatigue life of crankshaft made of 48MnV. The fatigue life of the crankshaft of a six-cylinder engine is calculated using different damage models such as S-N method, normal strain approach, Smoth-Watson-Topper (SWT)-Bannantine approach, shear strain approach, and Fatemi-Socie method based on dynamic simulation and finite element analysis (FEA) of crankshaft. The results indicate that the traditional calculation is conservative and the residual fatigue life of crankshaft is sufficient to maintain next life cycle if the crankshaft is remanufactured after its end of life.