Hydrogen-induced cracking or embrittlement can have a substantial and severe impact on the fatigue life of large austenitic stainless steel hydrogen storage pressure vessels. In this study, a dynamic model for the plastic zone in the crack tip considering the hydrogen diffusion was established and a correction factor for the stress intensity factor of the hydrogen storage pressure vessel was proposed for 316L stainless steel, which is commonly used pressure vessel material. The crack propagation characteristics and fatigue life of the stainless steel vessel were investigated. The results indicated that the shortest fatigue life under hydrogen pressure occurs at the intersection of the vent nozzle and the vessel head. The hydrogen environment not only reduces vessel service life but also makes the influence of pressure on cracks propagation more pronounced. It leads to a significant reduction in the fatigue life of pressure vessels when overpressure happens during operation. These research findings are valuable for the accurate assessment of the vessel fatigue life and improving the quality of large hydrogen storage vessel structures.