The evolution of microstructure and mechanical properties of PRO500 ultra-high strength steel during heat treatments were analyzed by Vickers hardness, Charpy impact test, Scanning Electron Microscope (SEM) and metallographic microscope. Simultaneously the characteristics of the impact fracture were quantitatively analyzed by the image analysis software. Experiment results show that the lath martensite is decomposed and widened gradually with the tempering temperature rising from 200 ℃ and the first kind of temper brittleness occurs at 250 ℃. Impact energy and hardness change in opposite direction with the tempering temperature rising from 250 ℃ to 600 ℃. The best comprehensive mechanical performance 398 HV & 54.7 J is achieved at 379 ℃. Tendency of impact fracture fibrous area and impact energy are similar along with tempering temperature rising. At 250 ℃ the percentage of dimple area in the total area of the impact fracture observation area is 20.4% and the impact energy 45 J is the lowest. Afterward the percentage rise to 44.5% when the tempering temperature is 600 ℃ and the impact energy 72.5 J reach to the highest, the maximum dimple diameter is 17.5 μm.