Crankshaft axles are subject to multiaxial loading when in service. Because the resulting state of stresses is complex, models applied to determining the fatigue life of such components employ a multiaxial approach as well, more advanced than those adopted for uniaxial loads. The objective of this work is to predict the failure in service of crankshafts of diesel or gas generating units of thermoelectric plants. Crankshafts reported recent failures in the national thermoelectric power plant justifies the present study, to guarantee efficiency and safety in such industrial operations. Based on the finite element method, the resulting stresses on a DIN 34CrNiMo6 structural steel gas generating unit crankshaft, with 10 bearings, two connecting rods per bearing were calculated. Using these finite element calculated stresses, several fatigue criteria were applied to predict this cranckshaft structural failure. Models due to Papadopoulos, Findley, Matake, McDiarmid, Carpinteri and Spagnoli, Liu and Mahadevan, Mises, Sines and Crossland, all of high cycle fatigue based on the critical plane or von Mises strain, were adopted. Material fatigue properties used in the analyses were compiled from specidized literature. Obtained results indicated that the component considered is safe regarding fatigue loadings, as evaluated using such criteria.