In this paper, a key differential equation is proposed to formulate fatigue damage evolution in metallic alloys under multiaxial, multiblock, proportional loadings in high cycle fatigue (HCF) and very high cycle fatigue (VHCF) regimes. This differential equation possesses two main components: one is a stress function to accommodate the adopted fatigue criterion and the other one is a characteristic damage function that serves to capture the HCF response of alloys. Two distinct characteristic damage functions with three different multiaxial fatigue criteria, namely Sines, Crossland, and Dang Van criteria, are examined to develop six (out of many possible) variants of the presented damage accumulation model. As a validation measure, Chaboche’s HCF damage model is retrieved as a specific case of the developed formalism. For model parameters identification, an ad hoc two-level identification scheme is designed and numerically verified. It is demonstrated that endurance limit, which is determined from fully reversed HCF tests (i.e., R = −1), can be identified from fatigue tests with positive stress ratio (R > 0), thus making our development quite suitable for specimens prone to buckling under compression. Another salient feature of the devised identification scheme is its capability in extracting model parameters from noisy data.