The fatigue problem induced by wave loads and floater movements of dynamic umbilicals in deepwater is studied. The prediction method of the fatigue life is investigated by considering no-linear local stress due to contact and friction between components of the umbilical. A case study of a dynamic umbilical for 1500 meters depth in South China Sea was presented. The results showed that the more accurate result of the fatigue life was calculated by considering non-linear local stress. The fatigue life by considering local stress with the no-slip assumption was conservative. An obviously longer fatigue life was obtained by considering local stress with the full-slip assumption.