The changes in mechanical properties and fracture toughness by dynamic loading were investigated with experiments. The parameter R, which can reflect the effect of the loading rate and the temperature rising during the high loading rate, could be employed to describe the constituent relation for the typical structure steel and its weld metal. The dynamic loading effect on the stress/strain fields and the temperature variation in the vicinity of the crack tip was analyzed by the finite element method, the dynamic fracture behavior was evaluated based on the local approach. It has been found that the Weibull stress is an effective fracture parameter, independent of the temperature and the loading rate.