Fatigue failure of materials has a considerable impact on the safety of equipment in service. In this study, axially tensile and low cycle fatigue tests were conducted on a low alloy steel after accelerated thermal aged at 450 °C for 10,000 h. The experimental results indicate that the ultimate and yield strengths increase moderately, while the fatigue life of specimens experience a slight decrease in this circumstance. The fracture analysis demonstrates that the bainite breaking facilitates the fatigue crack initiation and propagation after thermal aging, which is accompanied by a decrease in plastic strain amplitude. Therefore, the plastic strain amplitude is considered as an indicator of thermal aging in fatigue life modeling for the low alloy steel. Finally, a novel life model that incorporates both aging time and temperature was proposed for rapid prediction of low cycle fatigue life. It is assumed that this model promotes reliable fatigue life prediction in low alloy steels under various thermal aging circumstances, as well as the extrapolation of fatigue performance of the material in service.