During oil-drilling, the fractures of drill tool thread and piercement of drill pipe upset transition are very common in drill pipe failure as an object of petroleum and metallurgical researchers home and abroad. The classical fracture mechanics can only resolve the static fracture problem of oil country tubular goods (OCTG), but not resolve drill pipe failure under dynamic load. It is well known that the API 5D just prescribes strength criterion of drill pipe material but fracture toughness of drill pipe material. So, it is important to study dynamic fracture toughness of drill pipe material and present appropriate toughness criterion, which can not only optimize the drill string structural design, but also reduce fracture failure of drill string. On the basis of presenting main test means of dynamic fracture toughness and referring to the Charpy V test, the new impact experiment instrument is developed. Numerical and experimental comparisons show that the repeated dynamic fracture toughness tested by the impact experiment instrument is more accurate than one time impact, which can better show material characteristic and provide a reliable way to distinguish material characteristic, in the meantime, the correlations between dynamic fracture toughness of drill pipe material and failure of drill pipe is obtained.