Most existing life prediction models for photoelectric products have many problems such as time consuming and low precision in processing test data. In order to accurately predict the life of optoelectronic products in a short time, two-parameter Weibull function is used to fit luminance degradation data under multigroup stresses to obtain accelerated life, and Power function determined by the parameters of goodness-of-fit test is employed to extrapolate conventional life. Thereby, a novel model of life prediction, named accelerated life extrapolation model (ALEM), is established. The model is applied to rapidly predict the life of vacuum fluorescent display (VFD), accelerated degradation tests under four groups of constant stresses are carried out, and then the evaluation of the model precision is achieved. The results show that VFD test design scheme is correct and feasible, and the collected test data objectively reflect the characteristics of VFD luminance degradation. The ALEM exactly describes the change trajectory of luminance under each accelerated stress, well reveals the variation law of stress with life, and precisely extrapolates the product life without conducing conventional life test. Which can open up a new method and approach for the life estimation of modern optoelectronic products.