Axial loading fatigue tests were carried out to study the influence of inclusion on high cycle fatigue behavior of a high V alloyed powder metallurgy cold-working tool steel (AISI 11). The fatigue strength of 1538 MPa with endurance life of 10 7 cycles were obtained by stair-case method. The fatigue specimens were also subjected to a constant maximum stress of 1650 MPa to investigate the relationship among inclusion origin size (10–30 μm), fish-eye size (70–130 μm) and fatigue life (10 5–10 7 cycles). The fatigue life was found to be dependent on the inclusion size and the crack propagating length. A compressive residual stress of 300–450 MPa turned out to be present at the specimen surface, and finally induced the interior failure mode. Further investigation into the correlation between stress intensity factors of inclusion origin and corresponding stages of fatigue crack growth and fatigue life revealed that the high cycle fatigue behavior was controlled by crack propagation. According to the fractographic investigation, two distinct zones were observed in fish-eye, representing Paris-Law and fast fatigue crack growth stage, respectively. Threshold stress intensity for crack propagation of 3.9 MPa√m was obtained from the well correlated line on the Δ K I-log N ƒ graph. The fracture toughness can also be estimated by the mean value of stress intensity factor ranges for fish-eye.