Cold dwell-fatigue failure in titanium components of gas turbine engines has been a concern for over five decades, posing a continuous threat to the safe operation of aircrafts. Owing to the complexity of influencing factors and mechanisms, there has been a lack of complete understanding and effective prevention of cold dwell effect. In this study, the effects of peak stresses on the dwell effect at room temperature were investigated, focusing on a large compressor disc manufactured from Ti6242 alloy, specifically designed for use in commercial aeroengines in China. The relationships between fatigue life and peak stress were fitted by the Basquin equation, and the stress threshold value of cold dwell effect was obtained. A detailed characterization of the fatigue failure characteristics and microscopic mechanisms was performed using OM, SEM, XCT, EBSD, and TEM techniques. The results revealed a progression of dwell fatigue-fracture characteristics in Ti6242 alloy as the peak stress increased from near-threshold value of the dwell effect to the value exceeding the yield strength. The failure characteristics included initiation of surface crack, mixed surface and subsurface crack, subsurface crack, and mixed subsurface crack and tensile dimples. Initiation facets formed due to dwell fatigue loading exhibited decreasing spatial angles with increasing peak stress levels in the range of ~20^o-44^o for the stress levels studied. However, the spatial orientations of the propagation facets formed due to dwell fatigue loading were unaffected by the peak stress and remained at less than ~20^o. Dwell fatigue stimulated the formation of dense dislocation planar slip bands, facilitating their transfer across the secondary α (α_s) lamellae and eventually resulting in long-distance slips. Increasing stress further relaxed the crystallographic conditions necessary for the crack initiation, leading to dislocation sliding and cleavage cracking in unfavorably oriented soft and hard grains. Consequently, at higher stress levels the cleavage facets exhibited a larger spatial orientation range, accompanied by the formation of more fatigue cracks. In the case of dwell fatigue, high-stress levels activated <c + a> dislocations and pyramidal slips. The size and number of fatigue cracks were related to the peak stress. Quantitative characterization of secondary cracks in the dwell fatigue specimens using XCT indirectly showed the average size of macrozones in Ti6242 compressor disc to be approximately 72 μm. The Ti6242 compressor disc exhibited a relatively strong texture, featuring a <\mathrm{11}\overline{\mathrm{2}}\mathrm{0}> partial fiber along the axial direction and a <0001> partial fiber aligned with the radial and transverse directions. Based on the spatial orientation of facets on the fracture surface, a method using EBSD data to identify a microstructural feature parameter indicative of dwell fatigue performance was proposed, i.e., the cluster size of α grains with the c-axes inclined within ~30° to the loading direction.