For 690 MPa grade transformation induced plasticity steel HC400/690TRD+Z, the influences of strain rate on its properties and fracture were analyzed. The mechanical properties of material under six strain rates were tested by using the hydraulic servo high-speed tensile testing machine. The micro-morphology of fracture and the cross-sectional microstructure of samples were observed. Based on XRD, the contents of residual austenite at the fracture under different strain rates were quantitatively analyzed. The results show that transformation induced plasticity steel HC400/690TRD+Z exhibits strong positive sensitivity to strain rate. With the increasing of strain rate, the yield strength increases by 19.03%, the tensile strength increases by 20.36%, while the yield strength ratio basically remains at 0.61. The increase amplitude of material strength decreases from high to low, and finally gradually slows down. In the strain rate range of no more than 100 s-1, the enhancement trends of elongation after fracture, strength-plasticity product and fracture energy absorption are obvious, and then gradually levels off. The uniform elongation shows a trend of gradually decreasing. The fracture of sample at each strain rate presents a typical ductile fracture, and the density and size of dimples increase with the increasing of strain rate. The content of residual austenite in the fracture area gradually decreases with the increasing of strain rate. When the strain rate reaches 1000 s-1, the content of residual austenite is only 37.5% of the base strain rate. The phase transformation of residual austenite in the phase transformation induced plasticity steel is greatly affected by the strain rate, which has a significant influence on the mechanical properties and plastic characteristics.