Considering the effects of mean stress, the progressive accumulation inelastic strain occurs in engineering components under the direction of mean stress, it is simply known as ratcheting. Based on the ductility exhaustion theory, a new model is proposed to account for the effects of mean stress and ratcheting on the component fatigue life. The capability and accuracy of the proposed model are compared with those of Walker, Xia-Ellyin, Goswami, GDP and Peng models. A comparison between the model prediction and tested life is found to be quite satisfactory in the cases of 9 sets of experimental data available in the literature under different loading conditions.