This report presents an evolutionary cyclic plasticity based transformative approach for fatigue evaluation of safety critical components. This approach is generic which can be used not only for the present generation light water reactor components (which is our focus) but also for advanced reactor components. The approach is based on the fundamental concept of time-evolution of progressive fatigue damage rather than the end-of-life data based conventional S~N curve approaches. Series of fatigue tests on 316 stainless steel uniaxial specimens were conducted under strain-controlled and stress-controlled cyclic loading in two different environment such as in-air at 300 °C and PWR coolant water condition at 300 °C. Material models are developed to capture the uniaxial test data and are subsequently programmed into commercially available ABAQUS code to transform the uniaxial material behavior to multiaxial loading domain. The developed evolutionary cyclic-plasticity approach is verified by both analytical and 3D-FE modeling of uniaxial fatigue test specimens. Results show that the developed material models can capture the time-dependence of material hardening and softening with great accuracy. In addition, results show that the material models not only can capture the material behavior under constant amplitude loading but also can capture the load-sequence effect under variable and random amplitude loading. The ANL developed approach is one of its kind, which shows first in the fatigue research community that fatigue evaluation of a component (in our case verified for laboratory scale fatigue test specimens with great accuracy) can be performed for its entire fatigue life, including the hardening and softening behavior, without using a conventional S~N curve based approach.