Gas turbine compressor blades used in a combined cycle power plant are possibly damaged and fractured during their operation. There are two possible causes of the failure of compressor blades; one is a defect of material quality which can be detected through some microscopic inspections for the fracture section, the other is high cycle fatigue problem caused by vibration and can be diagnosed by carrying out dynamic characteristics analysis for the blades. In this paper, in order to determine the cause of the failure of compressor blades in a combined cycle power plant, examination of the fracture section and the propagation mechanism of the crack via stress analysis are performed. Dynamic characteristics analysis via FRF estimation is also performed to identify the cause of failure.