It is generally known that during the service life high load cycles occur in addition to the operational loads. Development of an accurate fatigue life prediction rule taking in account overloads around the yield strength and slightly above, with a minimal level of effort for the practical engineering use at design stress level is still highly significant. In the present paper a fatigue life prediction method ased on an S/N curve for constant amplitude loading will be presented. Similarities and differences between the proposed method and the linear cumulative damage rule of Pålmgren–Miner are briefly discussed. Using the presented method an interpretation of the Pålmgren–Miner rule from the physical point of view is given and clarified with the aid of a practical two-block loading example problem. Experimental data cited by other authors will finally be used for the validation.