To address the prominent fatigue failure risk of planetary gears in power-split hybrid buses and the lack of quantitative damage analysis across various operating modes in existing studies, this paper focuses on the front planetary gear set of a power-split hybrid bus. Based on a full-vehicle co-simulation model, loads under full operating conditions are decomposed into 11 operating modes, mode-switching loads are analyzed and extracted, and mode-decomposed and mode-switching fatigue loading spectra are compiled. Fatigue simulation is then conducted using Miner’s linear damage accumulation rule. Results show that the sun gear directly coupled to motor is the system’s most fatigue-susceptible component, exhibiting significant asymmetric unilateral tooth flank damage. The hybrid electric vehicle (HEV) mode contributes approximately 88% of total damage to the sun gear’s right flank, dominating system fatigue damage. Transient mode-switching conditions account for approximately 60% of total damage to the sun gear’s left flank, serving as the core damage source. Compared with the traditional full-condition merging method, the proposed mode-decomposed method improves the conservatism of life prediction. This work provides methodological support for refined strength design and targeted optimization of power-split hybrid transmission systems.