For the fatigue life prediction, reliability assessment, and prediction of crack initiation direction of 316L stainless steel under variable multiaxial loading, a stochastic model which employs Markov chain model with damage vectors and reliabilities of critical planes was used. Maximum tensile strain, von Mises' strain range, Lohr&Ellison, and Brown&Miller parameters were taken to be equivalent parameters. Under assumption that the same stochastic model obtained by uniaxial fatigue test can be applied to the multiaxial fatigue with same equivalent strain level. Uniaxial fatigue tests were conducted at three strain level 0.9%, 0.8%, and 0.5%. 7 uniaxial fatigue tests were performed for each strain levels for stochastic parameter evaluation and curve fitting was used for other strain levels. The stochastic model with damage vector and reliability of critical planes was applied for the simulation of fatigue life, reliability assessment and showed good accordance with experimental results.