The surfaces of parts made of austenitic chromium-nickel steels are subjected to heavy cyclically repeated contact loads, including impact loads, during operation. Therefore, the study of contact endurance and the development of methods for non-destructive testing of fatigue degradation of such steels is a relevant task. The aim of this work is to study the possibility of eddy-current testing of the fatigue degradation of the AISI 321 steel under contact loading. Mechanical testing for gigacycle contact fatigue has been conducted in accordance with the pulsing impact “plane-to-plane” contact scheme with an ultrasonic loading frequency. It has been shown that eddy-current testing of the fatigue degradation under contact loading of the AISI 321 steel is possible, but has certain limitations due to non-monotonic changes in the eddy-current device readings α depending on the number of loading cycles. Along with this, using the ascending branch it is possible to test the degree of failure of the surface layer, taking into account in the control technique the ambiguous character of the dependences of the eddy-current device readings on the number of loading cycles. The testing can be performed by measuring the eddy-current device readings at the excitation frequency of the eddy current probe f = 124 kHz. In this case, mainly surface layers are analyzed, where the processes of the fatigue degradation that affect the physical characteristics of the steel are developed intensively. The greatest influence on the value of α is exerted by the quantitative ratio of austenite to strain-induced martensite in the control zone.