To clarify the usefulness of the safety factor multiplier method for hydrogen components given in the CHMC1-2014 standard, we performed slow-strain-rate tensile and fatigue testing by using smooth and notched specimens in air and in high-pressure hydrogen gas. We also conducted fatigue-crack growth tests by using compact tension specimens in air and in hydrogen gas. Testing of notched specimens sampled from a Cr-Mo steel gave a safety factor multiplier of 3.0. This value agreed well with that predicted by crack growth analysis taking into account hydrogen-enhanced fatigue-crack growth. The safety factor multipliers of types 304, 316, and 316L austenitic stainless steels were predicted to be 2.0, 1.6, and 1.3, respectively, from their fatigue-crack growth behaviors. The safety factor based on the safety factor multiplier method seems to be overly conservative for the various steels in high-pressure hydrogen gas service. We therefore propose a new and promising design method for specific component applications that is based on design by rule and design by analysis. The importance of operational histories of components for hydrogen service is introduced to permit the precise prediction of their fatigue lives.