The fracture of solid propellant is predominantly attributed to the existence of mixed mode cracks, so it is essential to investigate the the fracture behavior of solid propellant with mixed mode I/II crack. This paper presents fracture characteristics of nitrate ester plasticized polyether (NEPE) propellant under different crack inclination angles (β = 30°–90°). Based on the combination of a drawing machine and a high-speed camera, the mechanical response, crack propagation velocity and crack-path morphology were investigated. The critical equivalent stress intensity factor Keqc was calculated to assess the fracture toughness of the NEPE propellant, and a potential simplified criterion related to the stress intensity factor was proposed. The experimental results demonstrated that the NEPE propellant with mixed mode I/II crack exhibited blunting fracture phenomena during crack propagation, resulting in fluctuating crack propagation velocity. As the crack inclination angle decreases, the fracture toughness of the NEPE propellant increases and then decreases, and the value of Keqc reaches its maximum at β = 45°. Furthermore, numerical studies based on bond-based peridynamic (BBPD) were performed by modeling the crack propagation process of the NEPE propellant, including the crack phase field diagram and the load–displacement curve of the NEPE propellant. The simulation results were then compared with the experiments.