In this paper, the finite element method for the elastodynamic axisymmetric fracture analysis is presented in matrix form through the application of the Galerkin method to the time integral equations of motion with no inertia forces. Isoparametric quadratic quadrilateral element and triangular crack tip singular elements with one-quarter node are used in the mesh division of the finite element model. To show the validity and accuracy of the proposed method, the infinite elastic medium with the penny shaped crack is solved first and compared with the analytical solution and the numerical results by the finite difference method and the boundary element method existing in the published literatures, and then the dynamic stress intensity factors of solid and hollow cylinders of finite dimensions haying penny-shaped cracks and internal and external circumferential tracks are computed in detail.