The role of notch geometry and stress levels on fatigue crack initiation and small crack propagation behavior in the FGH96 superalloy was investigated using groove and bolt hole simulation specimens at 500 °C. The findings indicate that the fatigue crack initiation mechanisms and the number of cracks significantly affected by stress levels. The fatigue crack initiation life and its contribution to the total fatigue lives were analyzed for both specimen types. Notch geometry was found to have a more pronounced effect on crack propagation life than on initiation life under high applied stress. The smaller notch root radius could accelerate the occurrence of crack coalescence, thereby shortening the propagation life. These results are valuable for optimizing the fatigue damage tolerance design of FGH96 turbine discs.