The fracture mechanics characteristics in the critical locations of the wheelset for high-speed train have not been studied enough yet despite of severe conditions due to increase in operating speeds. Moreover, the fracture mechanics characteristics with respect to the aging effects of wheelset materials have not been clearly studied. In the present study, the following fracture mechanics characterization tests were carried out in accordance with various locations on the wheelset for high-speed train: fracture toughness depending on load rate, fatigue crack growth rate and fatigue thresholds. The results show that the fatigue crack growth rates in accordance to the locations on wheelset were not remarkably different, and the fatigue threshold in the region of the bolt-hole is lower than that in other regions. The fracture toughness depending on load rate data shows that once the downward curve from quasi-static values was reached, subsequent values showed a slow increase with respect to the impact velocity. This means that dynamic fracture toughness should be considered in the design code of the wheelset material.