Accelerated testing (AT) is an effective testing method for evaluating the reliability of highly reliable products. In many applications, such products are often subject to multiple stresses in actual working environments. Then, how to design the load spectra for multi-stress AT becomes a critical issue. In this paper, a new load spectra design method is proposed to overcome this challenge. Considering the properties of multiple stresses, a novel multi-stress loading matrix (MSLM) is modified to fully describe the load spectra in actual working environments and to generate the corresponding load spectra for AT. For illustration purposes, an inverse Gaussian (IG) process incorporating life-stress relationships is adopted to model product degradation under multiple stresses. A case study on a type of hydraulic piston pump is provided to demonstrate the use of the proposed method in guiding the load spectra design for multi-stress AT.