With the rapid development of smart substations, the application of smart circuit breakers (CB) has acquired a substantial technical basis. One of the key issues is that the short-circuit current (SCC) and arcing duration time in fault interruption have great impacts on the life of CB. To this end, a novel fault soft interruption (FSI) scheme is proposed in this paper. First, a novel phaselet-based estimation algorithm is put forward, utilizing samples in an ultra-short time window, and thus the current zero-crossing points of the coming several cycles can be predicted accurately. Then, the earliest feasible zero-crossing point is determined, by which the CB is controlled to separate its contacts at the favorable instant when SCC descends below the interrupting rating (IR) safely while keeping the arcing time minimized. The simulation testifies the performance of the proposed scheme under various fault scenarios, such as time constants and fault inception angles. The results show that compared with the conventional way, the proposed scheme can prolong the life cycle of CB and cope with the potential excessive SCC risks at relatively less cost.