Four-point bending fatigue tests were performed on semi-solid Al–7Si–Mg castings with varying magnesium contents and heat treatment conditions. Additionally, the effect of anodising on the fatigue resistance of semi-solid Al–7Si–Mg castings was evaluated. Fracture surface and microstructure analysis showed that fatigue crack initiation occurred mainly at the periphery of regions of positive macrosegregation at the casting surface, resulting most likely from exudation. The microstructure of these macrosegregation regions was mostly eutectic and was frequently found surrounded by a layer of oxides. This layer of oxides promoted weak bonding between the macrosegregation region and the surrounding material and acted as a crack initiation site. In this study, primary α-Al globule agglomerates at the casting surface and surrounded by a layer of oxides also promoted fatigue crack initiation. Fatigue resistance of semi-solid Al–7Si–Mg castings in the T5 and T6 conditions increased with the increase in the magnesium content of the alloy from 0.3 to 0.45 wt.% due to the higher precipitation hardening response. However, the increase in the magnesium content from 0.45 to 0.6 wt.% resulted in a slight decrease in the fatigue resistance. The oxide layer formed during anodising had no significant effect on the fatigue resistance of the semi-solid Al–7Si– Mg castings in this study due to the dominant effect of the macrosegregation regions on fatigue crack initiation.