The risk of fatigue failure of elements working in rolling contact conditions (such as railway wheels, rolling bearings, etc.) is a significant issue with respect to safety and economy. In this case the complex and non-proportional stress state with pulsating three dimensional compression occurs. Therefore, the analysis of fatigue life of structures working in rolling contact conditions can be performed using recently proposed multiaxial high-cycle fatigue criteria. However, there is no hypothesis that could be universally accepted for calculations of fatigue strength. Furthermore, not all criteria proposed in literature for rolling contact fatigue (RCF) analysis can predict it. In the paper, the most popular criteria based on different theories are investigated in the application to RCF problem. Moreover, modification of the popular Dang Van hypothesis is proposed. The problem of free and tractive rolling contact fatigue is analysed on the example of a cylindrical crane wheel and spherical thrust roller bearing.