In this study, the ultra-low cycle fatigue (ULCF) behavior of a high-strength-ductile steel AerMet100 exposed to repeated high strain rate impact loadings is investigated. Three types of coupon-level experiments were performed, in which a three-point bending (TPB) specimen with a through-thickness notch was employed for multi-impact test. A special ratchet effect associated with complex stress state, dynamic impact loading and other physical mechanisms was observed through measured principal strain variations with a specific decay rate at the notch root surface. An improved ULCF predictive model based on the continuum damage mechanics was developed to quantify the relationship between the fatigue damage and the input of localized impact energy to the notch root. The model expressed in terms of damage growth rate introduces a new exponential term for better predictive accuracy and reduced number of nonlinear dynamic response analysis. As a computational efficient tool, the proposed model can predict impact fatigue life in acceptable timeframe for multiple critical locations in a complex engineering component.