For TRIP590 steel, the mechanical properties under static and high strain rates were tested to obtain the change rules of properties, and the constitutive models related to strain rates were fitted. Furthermore, the failure behaviors of material in tensile, shear and composite states were characterized by five kinds of specimens, such as shear, central hole tension, notched tension and perforation, and fitted by the MMC fracture failure model. The material model was used to different sample models, and the fracture test simulation was carried out, the results was compared with the test results to verify the accuracy of the failure model. Finally, the accuracy of the model was verified by high speed impact bending test. The results show that TRIP590 steel has good ductility, the elongation after fracture is 35.5%, the strong plastic product reaches 21.66 GPa%, which has strong strain rate sensitivity. With the increasing of strain rate, its strength increases, and the elongation of material also increases. With the increasing of strain rate, the energy absorbed by the material increases gradually. Five kinds of fracture failure test samples designed can reflect the failure behavior of materials. The fracture morphology simulated by MMC fracture failure model is consistent with the test results, and the average error between the key parameter simulation and test results is less than 5.5%. The simulation result of impact bending by fitting obtained material constitutive model is basically consistent with the measured results, and the error is controlled within 3%, which can better reflect the mechanical characteristics of the material.