The characteristics of nucleation and development of fatigue cracks under high-cycle loading of plane samples of low-carbon steel are studied after its natural aging for 15 years. Cumulative distributions of the number of microcracks with respect to their length are constructed and the fracture microrelief is studied. It is found that the fatigue strength of the steel decreases considerably in the high-cycle region (>107 cycles) at a stress less than the fatigue strength.