The invention provides a method for designing and monitoring the service life of a steam turbine rotor under the action of low-cycle and high-cycle fatigue. The method comprises the following steps that S1, obtaining operating parameters of a steam turbine, performance parameters of the steam turbine rotor, crack size parameters, a total service life criterion value tau < 0 > and the operating service life tau; s2, in the design stage of the steam turbine, calculating the theoretical total service life tau CLt of a steam turbine rotor under the action of low-cycle fatigue and high-cycle fatigue; when tau CLt is smaller than tau 0, optimizing performance parameters of the steam turbine rotor, and recalculating tau CLt until tau CLt is larger than or equal to tau 0; s3, in the use stage of the steam turbine, calculating the theoretical residual life tau Rf of the steam turbine rotor under the action of low-cycle fatigue and high-cycle fatigue; and when tau Rf is less than (tau 0-tau), optimizing the operating parameters of the steam turbine, and recalculating tau Rf until tau Rf is less than (tau 0- tau). The method can be used for monitoring the total service life of crack initiation and crack propagation of the steam turbine rotor under the action of low-cycle fatigue and high-cycle fatigue in the design stage and the use stage, and safe service of the steam turbine rotor is guaranteed.