Surface defects decrease the fatigue limit of metals. In this study, the effects of surface defects on the fatigue limit of high-strength spring steel specimens were investigated. Several equations to predict the fatigue limit of specimens with surface defects were evaluated. Specimens with a semicircular slit with depths ranging from 30 to 400 µm were prepared. The Vickers hardness of the specimen was approximately 470 HV. Bending fatigue tests were performed at stress ratios ranging from −2 to 0.4. The fatigue test results showed that the fatigue limit decreased with an increase in the slit depth. Moreover, the maximum defect size that resulted in a decrease in the fatigue limit was dependent on the stress ratio. On comparing the predicted fatigue limits with the experimental results, it was confirmed that the predictions made based on the modified El-Haddad model were in good agreement with the experimentally obtained data. Thus, this model can be used to evaluate the fatigue limit of high-strength steels containing small surface defects with different stress ratios.