The crankshaft is the most valuable and precise single component of the automobile engine, and the force of the crankshaft is extremely complex. It works under the combined action of periodic changes of gas pressure, reciprocating inertia force, and torque, and bears huge bending and torsional alternating loads. It is of great significance to study the effects of bending, torsional, and compound loads on the strength and fatigue life of crankshaft. In this paper, a crankshaft simulation model is established according to the fatigue reliability theory, the fatigue reliability of the crankshaft is determined, the fatigue life is analyzed, the stress-strain simulation of the crankshaft is carried out by COMSOL, and the fatigue load spectrum and damage cloud map of the crankshaft are obtained. The results show that the structural parameter that has the greatest influence on the stress and deformation of the transition rounded radius. The position corresponds to the place of the crank pin where maximum stress occurs.