This study is to evaluate dynamic fracture characteristics of alloy tool steel, STD-11, according to various tempering conditions (heat treatment). The dynamic fracture initiation toughness and some of the dynamic fracturing characteristics were evaluated by using the instrumented Charpy impact testing procedures. The distributions of Victors hardness and dynamic fracture initiation toughness with respect to varying tempering temperatures are found to be symmetric type with the help of experimental results for the STD-11. It is also found that the dynamic fracture initiation toughness is a inverse proportion to Vickers hardness. In this experimental study, it is found that the best heat treatment condition is 55$0^{circ}C$ tempering in alloy tool steel, STD-11, because the results show high values of Vickers hardness and dynamic fracture initiation toughness.