A fatigue life management system for determining a remaining fatigue life of a component of an aircraft. The fatigue life management system may generate probability density functions of minimum load, maximum load, and timeframe damage for predetermined time intervals based on selected flight data of the aircraft and regression models for probabilistic prediction of minimum load, maximum load, and timeframe damage of the component. The fatigue life management system may further compute an accumulated fatigue damage estimation based on the probability density functions and a probabilistic fatigue strength model. The fatigue life management system may then generate a distribution of the accumulated fatigue damage estimation of the component. If desired, the processing circuit may compare the distribution of the accumulated fatigue damage estimation with a reliability requirement to determine the remaining fatigue life of the component.