Structural life assessment periodically evaluates the state and condition of a structural system and provides recommendations for possible maintenance actions or the end of structural service life. It is a diversified field and relies on the theories of fracture mechanics, fatigue damage process, probability of failure, and reliability. With reference to naval ship structures, their life assessment is not only governed by the theory of fracture mechanics and fatigue damage process, but by other factors such as corrosion, grounding, and sudden collision. The purpose of this series of review articles is to provide different issues pertaining to structural life assessment of ships and ocean structures. Part I deals with the basic ingredients of the theory of fracture mechanics, which is classified into linear elastic fracture mechanics and elasto-plastic fracture mechanics. The amount of energy available for fracture is usually governed by the stress field around the crack, which is measured by the stress intensity factor. The value of the stress intensity factor, which depends on the loading mode, is evaluated by different methods developed by many researchers. The applications of the theory of fracture mechanics to metallic and composite structures are presented with an emphasis to those used in marine structures. When the inertia of relatively large pieces of a structure is large enough that the correct balancing of the energy of fracture requires the inclusion of kinetic energy, then the dynamic nature of fracture dominates the analysis. For a crack that is already propagating, the inertial effects are important when the crack tip speed is small compared with the stress wave velocities. This fact has been realized in the theory of fracture mechanics under the name of dynamic fracture and peridynamic. In essence, peridynamic replaces the partial differential equations of classic continuum theories with integro-differential equations as a tool to avoid singularities arising from the fact that partial derivatives do not exist on crack surfaces and other singularities. A brief overview of fracture dynamics and peridynamics together with damage mechanisms in composite structures is presented. The limitations of fracture mechanics criteria are also discussed. Life assessment of ship structures depends on the failure modes and the probabilistic description of failure, which are addressed in Part II. Life assessment of ship structures depends on the failure modes and the probabilistic description of failure. In view of structural parameter uncertainties, probabilistic analysis requires the use of reliability methods for assessing fatigue life by considering the crack propagation process and the first passage problem, which measures the probability of the exit time from a safe operating regime. The main results reported in the literature pertaining to ship structural damage assessments resulting from to slamming loads, liquid sloshing impact loads of liquefied natural gas in ship tankers, and ship grounding accidents, an...