Fastener holes are among the most common natural stress concentrators in metal structures. The life cycles of various structural elements, such as those in aircraft structures, automobiles, and rail-end bolt joints, are limited by fatigue damage around the holes. An effective approach to delay the formation and growth of fatigue macrocracks is to introduce residual hoop compressive stresses around the holes. Two methods have become established in the prestressing of fastener holes in aircraft components, split sleeve and split mandrel, which implement one-sided processes. The common disadvantage of both methods is the complex procedure due to the need for high accuracy of the initial holes. This article presents a new modified split mandrel method providing the same tightness (interference fit) with a wide tolerance of the pre-drilled hole diameters, reducing the number of technological cycle steps and production costs. То implement the new method, a functionally connected tool and a device with a hydraulic drive were developed. An extensive experimental study of 2024-T3 AA specimens was carried out to evaluate the effectiveness of the method under a high scattering of the pre-drilled holes. The new method provided a deep zone of residual hoop compressive stresses on both faces of the specimens after cold working and after hole final reaming. The removal of a plastically deformed layer around the hole of suitable thickness during the final reaming decreased the axial gradient of residual hoop stress distribution. Fatigue tests on a tensile pulsating cycle verified the effectiveness of the modified split mandrel method to significantly increase the fatigue life by 6.6 times based on 106 cycle fatigue strength compared to the conventional case of machining the holes. The obtained S-N curves for three groups of samples with initial hole diameters of 8.0, 8.1, and 8.2 mm, which were cold worked with the same tightness of 0.32 mm and final reamed, aligned well, indicating that the new method can provide constant fatigue strength for a given stress amplitude.