The mechanical behavior of bolted connections in high-strength (HS) steel structures is a matter of concern, since the less ductility compared to mild steels may affect the load transfer and stress distribution of bolted connections. Conducting advanced finite element (FE) analysis incorporating validated material plasticity and ductile fracture criterion allows for a deeper understanding for the load transfer mechanism of HS steel joints. This paper focused on the plasticity and ductile fracture behaviors of HS (S700MC and S960Q) center-holed (CH) plates under tension, which are the essential component in bolted connections. Firstly, a combined linear and power law was used to calibrate and describe the post-necking stress–strain relations of the investigated HS steels. Then, a void-growth-model based on Rice–Tracey criterion was used to simulate the ductile fracture of five groups of CH plates with different hole diameters. The tensile strength and deformation capacity of the CH plates were discussed. The results showed that S700MC had a strain-hardening plasticity until the tensile fracture, while S960Q had a strain-hardening plasticity with a strain-softening behavior followed near the tensile fracture. Incorporating the calibrated plasticity and ductile fracture criterion in FE analyses generated close force-displacement curves as the experimental results. The equation specified in Eurocode produced conservative predictions for the net cross-sectional tensile strength of the investigated HS steels.