This paper aims to explore the fatigue life estimation approach of welded joints with precrack under coupled impact and fatigue loading, and the base metal is dissimilar 5083H111 and 5754 aluminum alloy. Impact tests are first carried out on the dissimilar lightweight materials welded joint with precrack located in the middle of the specimen, and a stress and strain field is obtained to determine the fatigue damage model parameters by using finite element dynamic analysis to simulate the impact process. Based, on the S-N curve of welded joints, the predicted life expectancy is found to be inconsistent with the experimental results. According to the continuum damage mechanics, the lifetime assessment model is presented to calculate both impact and fatigue damage. The estimated results agree well with the experimental ones.