Two frequency-domain fatigue life calculation methods are presented which take into account the impact of the mean stress effect. The emphasis is set on the algorithm for fatigue life assessment of the method proposed by the authors. It is supplemented with a mean stress effect correction. Correction method is based on the direct transformation of the zero mean stress Power Spectral Density (PSD) due to mean stress. The method is verified on the basis of own results for the S355JR steel. The authors analyze five models for the designation of the probability density function used in the calculation process. The results are presented in the form of probability distributions after PSD transformation and the calculated fatigue life is being compared with the experimental life in fatigue comparison graphs. An analysis of the choice of a mean stress correction model is also widely discussed and a fatigue life estimation is also performed. The method proposed by the authors is being compared with the Kihl–Sarkani method for mean stress correction in frequency domain.