The axial fatigue strength at two million cycles was experimentally determined for two conventionally cast tool steels and successfully compared with results from a fatigue limit model. Specimens were tested both in the rolling and transverse direction and showed large differences in fatigue properties due to the segregated carbide microstructure. Rolling direction specimens experienced higher fatigue strength than the transverse direction specimens. This is due to smaller carbides present in the load affected cross section of the rolling direction fatigue test bars compared to the cross section of the transverse direction fatigue test bars. Fractographic analysis of failed specimens showed that large carbides had caused fatigue failure, which was also predicted by the model. Measured size distributions of carbides and inclusions were used as input data in the model. The probability that at least one particle will be present in the material volume having a size larger than the threshold value for crack propagation was calculated. Copyright © 2012 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim.