Fiber glass reinforced flexible pipe (FGRFP) is a kind of submarine pipe widely used in oil and gas transportation and exploration. This paper mainly studies the theoretical and numerical simulation methods for calculating the fatigue life of the FGRFP. Firstly, the tension time-histories and bending moment time-histories of the FGRFP are obtained by using global analysis. The tension and bending moment frequency distribution histograms are obtained by using rain flow method. Then, the finite element software ABAQUS is used to build the model of the FGRFP, and the corresponding tension and bending moment are applied on the finite element model. Then, the stress time histories curve of the FGRFP is obtained. By comparing the results of numerical simulation, the main factors affecting the fatigue life of the FGRFP are studied. Finally, according to rain flow method, S-N curve and numerical simulation results, the fatigue life and single damage rate of FGRFP are obtained.