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Considering the inherent characteristics of strength degradation, a residual strength model is improved reasonably through the incorporation of the two‐parameter Weibull distribution. Building upon this foundation, an enhanced nonlinear fatigue damage accumulation model that is closer to the actual situation is proposed in view of the randomness of fatigue damage. The model takes into account the effect of load action on fatigue damage. To ascertain the feasibility of the proposed model, the time‐varying reliability of the model is evaluated by applying the probability density evolution method. The model's precision in predicting residual life is corroborated through five experimental data sets under bilevel and multilevel loading conditions. The results demonstrate that the proposed model exhibits excellent applicability and remarkable precision, thereby confirming its potential value in practical applications. Highlights: Using strength degradation characteristics, new residual strength model is crafted.Combined with the Weibull distribution, a new fatigue damage model is established.The PDEM is applied to obtain the time‐varying fatigue reliability curve. [ABSTRACT FROM AUTHOR]