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This paper focuses on the fatigue reliability analysis and the development of a new life model of reliability and crack growth mechanisms in FV520B-I (high strength martensitic-type stainless steels) in the very-high cycle fatigue (VHCF) regime, which haven&#8217;t been studied well. First, the fatigue test was carried out to clarify the fatigue failure mechanism in the very-high cycle regime. Based on the test results and fatigue reliability theory, the fatigue life distribution and <i>P-S-N</i> curves were modeled. A new fatigue life evaluation model for FV520B-I is proposed according to the fracture mechanics and classic life evaluation method. With the comprehensive application of <i>P-S-N</i> curves and a new proposed fatigue life evaluation model, a new assumption of a <i>P-Sc-N</i> curve is developed and verified, to quantitatively express the relationship between fatigue life, reliability and fatigue cracking. This is novel and valuable for further fatigue study of FV520B-I.