Microalloyed (MA) steels are a family of steels which are becoming an increasingly important economic alternative to the traditional quenched and tempered (Q&T) steels. Impact resistance and fracture toughness of vanadium-based MA forging steel, which is the most commonly produced MA steel, are investigated in this study. To compare the behavior with the Q&T steel, both the as-forged and the Q&T conditions are evaluated. Experimental results from Charpy V-notch impact and fracture toughness (KR-curve and JIC) tests are presented and discussed. Correlations between fracture resistance properties based on several proposed equations in the literature are also examined.