In this work, an improved damage model based on construction technology of virtual load spectrum is developed. A predetermined reliability index is used as the termination criterion to calculate the fatigue life, and the results of statistical analysis have shown that the accuracy of fatigue life prediction result has been greatly improved. The model is targeting cyclic loading applications. The main advantage of the model is the use of construction technology of virtual load spectrum for expanding load spectrum and the Monte Carlo method for correcting fatigue damage. Another advantage concerns the link between predetermined reliability criterion and the fatigue life, which puts forward a new method of calculating fatigue life. The convergence proof of the model is presented, and physical experiment data are shown for validation. Several illustrative examples are presented to confirm the accuracy and efficiency of the proposed damage model.