Experimental determination of the fatigue limit is expensive considering the time and effort involved. To overcome this drawback, several empirical relations based on monotonic tensile properties and/or hardness have been developed for estimating the fatigue limit. In this study, ten estimation methods are evaluated and compared using the experimental data of 171 steels from literature. The scatter band criterion, standard deviation criterion, and statistical analysis are all used to evaluate and compare the predictability of the considered empirical relations. It is found that the fatigue limit can be well correlated with the Brinell hardness. In the absence of Brinell hardness, the ultimate tensile strength-based direct estimation method may be an alternative to estimate the fatigue limit of steels. It is not recommended to estimate the fatigue limit by using the indirect method on the basis of Basquin’s fatigue properties estimated by the monotonic tensile properties even though the fatigue limit of steel is often determined by the experimental Basquin’s curve at 106 cycles.