Steel reinforced high strength and high performance concrete (SRHSHPC) specimens were experimented to study the mechanical behaviors between steel and concrete interface. In experiment, interfacial bond softening process was observed, which can be explained in terms of damage along the interface, leading to progressive reduction of shear transfer capability between steel and high strength and high performance concrete (HSHPC). In this paper, bond softening process along the interface is considered in the analysis of crack-induced debonding. Interfacial bond-slip mechanism between steel and HSHPC is studied in detail based on fracture mechanics. With the help of acoustic emissions technology, the crack propagation in the interlayer was observed, thus the interfacial crack propagation and fracture model is set up. Under the assumption that the interlayer is weak concrete compared with concrete matrix, the stress field as well as displacement field around the crack tip is deduced. The characteristics of interfacial fracture process are discussed and a model for interfacial fracture process zone is built up. With this model, the size of fracture process zone can be derived. At last, the influence of the fracture process zone on interfacial fracture toughness is determined using critical fracture toughness. All these may contribute to improvement of theory for SRHSHPC composite structure.