In deep‐ocean natural gas hydrate exploitation operation, the fatigue failure mechanism has attracted more and more attention from scholars, but it has not been effectively disclosed. Therefore, in this work, a multifield coupling and multiple‐nonlinear vibration model of lifting pipe is established, which can accurately determine the alternating stress of deep‐ocean lifting pipe. Second, according to Forman theory, the calculation method of crack propagation length and depth on the surface of a deep‐water riser is established, which is verified by the comparison between the experimental and theoretical model calculation results. The results demonstrate that, first, the effect of residual stress in the welded joint of deep‐ocean lifting pipe should be considered in the later parameter influence analysis. Second, the fatigue growth life of deep‐water pipe with small outflow velocity is mainly determined by tensile stress, and that is determined by both tensile stress and bending stress with large outflow velocity. Third, more attention should be paid to the vibration of the lower pipe on‐site to reduce its vibration frequency and vibration stress amplitude, which can effectively reduce the surface crack propagation state of the deep‐ocean pipe and improve the service life of the pipe. Fourth, properly adjusting the tension coefficient of the tensioner during field operation can effectively improve the safety of the pipe, and the optimal tension coefficient is related to the configuration of the deep‐ocean pipe system, which can be analyzed and determined by the model.