Taking compressor impeller with pressure ratio less than 3 as research object, a prediction method of residual life of compressor impeller was proposed. Considering the action of “inertial” load centrifugal force, finite element method (FEM) technology and sub-model technology were used to comprehensively analyze the mechanical quantities, such as blade stress, and the hot spot stress location of compressor impeller was determined. Crack orientation was determined according to maximum principal stress criterion. The linear elastic fracture mechanics (LEFM) based on FEM and Forman-Newman-de Koning (FNK) model were used to investigate the whole process of crack growth, including stable growth and instability growth stages. The crack growth law and residual life of impeller at different rotate speeds were given. The results show that with the increase of rotate speed, the stress intensity factor (SIF) of initial crack front increases in a quadratic power law, the critical length decreases linearly, and the residual life decreases nonlinearly. The crack grows along the height of blade and then fractures after a deflection of about 90 degrees to the outer edge of blade. The obvious deflection of crack is the sign of crack transition from stable growth stage to instability growth stage. The life of crack in the instability growth stage can be neglected compared with that in the stable growth stage. The analysis method proposed in this article can provide a basis for the damage tolerance evaluation of compressor impeller, and can also provide a reference for maintenance work.