This paper discusses a system-level finite element model of a two-loop pressurized water reactor (PWR). Based on this model, system-level heat transfer analysis and subsequent sequentially coupled thermal-mechanical stress analysis were performed for typical thermalmechanical fatigue cycles. The in-air fatigue lives of example components, such as the hot and cold legs, were estimated on the basis of stress analysis results, ASME in-air fatigue life estimation criteria, and fatigue design curves. Furthermore, environmental correction factors and associated PWR environment fatigue lives for the hot and cold legs were estimated by using estimated stress and strain histories and the approach described in US-NRC report: NUREG-6909.