Fatigue performance is often a key aspect when dealing with existing steel structures such as steel bridges or offshore constructions. This issue proves to be more critical as these structures are usually located in aggressive environments and are thus exposed to progressive degradation. Indeed, disruptive phenomena such as corrosion can severely worsen the fatigue performance of the steel components. Currently, the normative standards do not provide a codified procedure for the fatigue checks of steel structures subjected to ongoing corrosion. Within this framework, in this paper a simplified approach for the life-cycle assessment of corroded steel structures is proposed. For this purpose, the concept of “critical corrosion degree” is introduced, allowing the expression of corrosion fatigue checks in a more direct “demand vs. capacity” form with respect to the currently available methods. A first validation of such methodology is reported for the corrosion fatigue tests drawn from the literature. The predicted levels of critical corrosion are in good agreement with the values of artificially induced corrosion (i.e., 4, 8, and 12% of mass loss, respectively), with a maximum relative error of ≈9.3% for the most corroded specimen. Finally, parametrical analyses are performed, highlighting the influence of the model parameters on the corrosion fatigue performance of the steel elements.