The multi-hole structures with cold expansion are extensively utilized in the various joint parts of aircraft. However, the synergistic effect of stress concentration and atmospheric corrosion will cause severe deterioration of structural loading capabilities. Thus, it is crucial to investigate the fatigue life degradation mechanism of these structures under pre-corrosion conditions. In this paper, three-hole specimens with cold expansion (CE) and non-cold expansion (NCE) were used to investigate the effect of cold expansion on the fatigue performance of multi-hole structures of 7075-T6 aluminum alloy under pre-corrosion conditions. The life degradation law and damage mechanism of these two types of specimens under pre-corrosion conditions were analyzed. Furthermore, the cold expansion strengthening factor was proposed through the curve-fitting of the fatigue life attenuation ratio of these two types of specimens. Finally, a competition mechanism for the contribution ratio to the final fracture of the specimens in corrosive environments was proposed based on the SEM morphology analysis of the fatigue fracture of the specimens.