The dynamic fracture experiments were conducted on the heat treated magnesium alloys; AZ31B-O, AZ31B-200 °C, and AZ31B-430 °C. Cross shaped specimens with the crack on their center were used for the experiments. Dynamic fracture behavior near a crack tip under equal and unequal biaxial stress was observed by the caustics method. From the observation, the stress intensity factor and the fracture toughness value were calculated. As a result, the effect of heat treatment was found. However, no clear relation such as correlation between dynamic stress intensity factor and heat treatment temperature was deduced.