Present multiaxial fatigue models have achieved satisfactory performance in predicting multiaxial fatigue life of different loading paths; however, many of them require critical plane calculations and additional material constants. In this study, a novel multiaxial fatigue life prediction model based on octahedral shear strain energy is proposed. In the proposed model, the maximum octahedral shear strain energy serves as the damage parameter without requiring any additional material parameters. All material constants in this model can be derived from material strength constants and uniaxial fatigue constants, greatly simplifying the life prediction process. Moreover, based on the actual physical phenomenon of non-proportional additional hardening, the multiaxial non-proportional correction factor is incorporated into the plastic stage of the life equation, aligning more closely with fundamental principles in physics. Then, by utilizing the experimental data from the literature for four materials, a comparison is made between the prediction results of the novel model and those of four commonly employed models. The findings demonstrate that the new model exhibits superior simplicity and accuracy. Subsequently, through life prediction outcomes for DZ411 material across various paths, the stability and precision of the octahedral energy model are substantiated, rendering it suitable for practical engineering applications.