In this paper, the high cycle fatigue performance of solid solution state and aged Inconel 718 superalloys was studied at room temperature. Scanning electron microscopy (SEM) and transmission electron microscopy (TEM) were used to analyze the original structural features and fatigue deformation features of two kinds of alloys. SEM, laser scanning confocal microscopy, and electron backscatter diffraction (EBSD) were used to analyze the secondary fracture features of the fatigue fracture morphology and fatigue fracture profile. The results showed that the aging treatment significantly affected the strength and plasticity of the alloy, which in turn affected the fatigue performance of the alloy. After the aging treatment, the yield strength σ s and the tensile strength σ b of the Inconel 718 alloy increased by 152% and 65.9%, respectively, compared with those of the solid solution state, but the rate of elongation δ and rate of contraction in the cross-section area ϕ decreased by 63.7% and 52.3%, respectively. The fatigue limit of the aged state was lower than that of the solid solution state by 6.3%. The quadratic function relationship between the high cycle fatigue limit σ −1 and the tensile strength σ b of the Inconel 718 superalloy at room temperature was σ −1 = σ b · (0.869−3.67 × 10 −4 · σ b ). An analysis of the fatigue fracture mechanism showed that the fatigue fractures before and after aging were all initiated in the grains oriented relatively unfavorably on the surface of the sample, with a mixture of intergranular and transgranular propagation after the transgranular propagation of several grains. The higher plasticity of the solid solution state Inconel 718 alloy resulted in a large number of slip deformation zones under high cycle fatigue loads, and the plastic deformation was relatively uniform. The lengths of the secondary fractures were as high as 120 µm, which formed the single-source plastic fatigue fracture that promoted an increase in the fatigue limit. After aging treatment, the higher strength of the Inconel 718 alloy made dislocation slip difficult under high cycle fatigue loads, and the plasticity compatible deformation capability was poor. When local dislocations slipped to the intragranular γ" phase, γ' phase, or interfaces with nonmetallic compounds (NMCs), plugging occurred. The degree of stress concentration increased, causing the initiation of fatigue fracture; the secondary fracture was approximately 20 µm. Brittle cleavage due to multiple sources significantly reduced the fatigue limit.