Pitting corrosion notably increases stress concentration, thus accelerating fatigue crack initiation and propagation at the pit base. This research quantifies the relationship between pit dimensions and fatigue crack development by introducing crack extension ratios (γa and γc). Employing a series of finite element models, the influence of pit characteristics on the stress intensity factor (K) at the crack tip is assessed. Based on these assessments, a formula for computing the K-value is proposed. Furthermore, a two-stage fatigue life prediction model for both partial and complete penetration is developed using the Paris equation. Results indicate that pits substantially affect the K-value during partial penetration. Specifically, as γa approaches zero, the K-value approaches zero, and as γa approaches one, it aligns with the K-value of a semi-elliptical surface crack. Conversely, in the complete penetration phase, the influence of the pit on the K-value is negligible, and the K-value can be calculated according to the plate with a central penetrating crack. Experimental validation confirms that the model generally maintains a prediction error within 10%.