This study focuses on the probabilistic analysis method to the determination of low cycle fatigue life for power plant components. The analysis incorporates standard life assessment modeling techniques used in the determination analysis of the low cycle fatigue. The probabilistic life assessment is developed to increase the reliability of life assessment. A probabilistic life assessment procedure can provide the engineer with the probability of structural failure as a function of operating time given the uncertainties in the input data. The probabilistic life assessment involves some uncertainties, for example, initial crack size, aspect ratio, crack initiation time, crack location, structural geometry, material properties, and loading condition, and a triangle distribution function is used for random variable generation. The resulting information provides the engineer with an assessment of the probability of structural failure. This information can form the basis of inspection planning and retirement-for-cause decisions. This study forms basis of the probabilistic life assessment technique and will be extended to other damage mechanisms.