Railway wheel and axle is the most critical components in railway system. A wheel and axle failure can cause a derailment with its attendant loss of life and property. The service conditions of railway vehicles have become severe in recent years due to a general increase in operating speeds. Therefore, more precise evaluate of wheelset strength and safety has been desired. Fracture mechanics characteristics such as dynamic fracture toughness, fatigue threshold and charpy impact energy with respect to the tread, plate, disc hole of wheel and the surface of press fitted axle are evaluated. This paper describes the difference of fracture toughness, fatigue crack growth and fatigue threshold at the locations of wheel and axle. The results show that the dynamic fracture toughness, $K_{ID}$, is obviously lower than static fracture toughness, $K_{IC}$ and the fracture mechanics characteristics are difference to the location of wheel tread and hole.