The fatigue behaviour of a titanium alloy Ti‐6Al‐4V with equiaxed microstructure (EM) under different values of tensile mean stress or stress ratio (R) was investigated from high‐cycle fatigue (HCF) to very‐high‐cycle fatigue (VHCF) regimes via ultrasonic axial cycling. The effect of mean stress or R on the fatigue strength of HCF and VHCF was addressed by Goodman, Gerber, and Authors' formula. Three types of crack initiation, namely, surface‐with‐RA (rough area), surface‐without‐RA, and interior‐with‐RA, were classified. The maximum value of stress intensity factor (SIF) at RA boundary for R < 0 keeps constant regardless of R in HCF and VHCF regimes. The SIF range at RA boundary for R > 0 also keeps constant regardless of R in VHCF regime, but this value decreases linearly with the increase of R for surface RA cases. The microstructure observation at RA regions gives a new result of nanograin formation only in the cases of negative stress ratios for the titanium alloy with EM, which is explained by the mechanism of numerous cyclic pressing.