This study presents a systematic review of fatigue analysis methodologies and failure criteria for asphalt binders and mixtures employed in various cyclic fatigue testing configurations. The investigation focuses on two principal predictive approaches: phenomenological models and mechanistic frameworks, which are commonly utilized to forecast asphalt pavement fatigue life based on experimental data from different fatigue tests. A critical evaluation is conducted on the diverse failure criteria integrated within these analytical approaches, with particular emphasis on their respective merits and limitations. The current research findings reveal a notable absence of consensus regarding the precise definition of the fatigue failure criteria for asphalt materials. Furthermore, critical parameters including accuracy assessment, reliability verification, and sensitivity analysis of these failure criteria are identified as requiring enhanced research attention. This review recommends specific fatigue failure criteria classified according to fatigue testing methods and material types. This comprehensive analysis of fatigue failure mechanisms in asphalt composites aims to inform strategic refinements for future research trajectories and enhance durability-oriented pavement design practices.