The fatigue strength of welded joints can be improved with various post‐weld treatment methods. High‐frequency mechanical impact treatment is a residual stress modification technique that creates compressive residual stresses at the weld toe. However, these beneficial residual stresses may relax under certain loading conditions. In this paper, previously published fatigue data for butt and fillet welded joints subjected to high stress ratios and variable amplitude cyclic stresses were evaluated in relation to the current International Institute of Welding (IIW) recommendations on fatigue strength improvement and a proposed IIW design guideline for high‐frequency mechanical impact‐treated welded joints. The evaluation showed that the current IIW recommendations resulted in both non‐conservative and overly conservative fatigue strength estimations depending on the applied stress level, whereas the proposed fatigue assessment guideline fitted the current data well.