Metal magnetic memory (MMM) method, based on the magneto-elasticity and mechanical effect theory, is a new nondestructive testing technology. This paper aims at the material property and failure analysis for steam turbine blade with MMM method. The failure blade and its fracture face are tested with MMM technology at workshop. It has been found that the MMM signal variation gradient of the crack transition zone in the fracture face is minimal, that of the crack initiation zone is in the middle, and that of the tear fracture zone is maximal. MMM testing results reflect material behavior degradation of the failure blade. In order to proof the MMM results, the dynamic stress of the steam turbine blade under the operation loading is calculated by WESTHOMES software and analyzed theoretically. It has proved the validity of the MMM method applied on material property evaluation and failure analysis for steam turbine blade.