Shot peening is the primary method used to improve the fatigue life of springs. In this study, we aimed to quantify the reduction in residual stresses in the shot-peened layer by considering factors such as surface roughness, cyclic loading, and the helix angle, based on the spring’s periodic variation and curvature characteristics. We developed an equivalent replacement algorithm to address the challenge of characterizing the dynamic accumulation and attenuation of residual stresses under cyclic multiaxial stresses. This algorithm accurately modeled the dynamic attenuation of residual stresses and was incorporated into the spring life prediction model. Experimental validation demonstrated the high accuracy of the model for predicting fatigue life.