• Monotonic tensile and ELCF tests were conducted for LY225 low yield point steel. • ELCF fracture behavior between LY225 steel and Q235 steel was compared. • The LCVGM parameters of LY225 steel were calibrated based on the experimental results. • Buckling and ELCF behavior of LY225 steel dog bone specimen were experimental studied. • The LCVGM can well simulate the post buckling ELCF fracture of dog bone specimen. Low yield point steel is frequently utilized in the energy dissipation components of structures because of its good seismic performance. A low yield point steel LY225 subjected to different stress states is experimental investigated in the study by the monotonic tensile tests and extremely low cycle fatigue tests. The test results demonstrate that LY225 steel shows cyclic hardening characteristic as well as dimple fracture failure mode. In addition, LY225 steel exhibits higher deformability and energy dissipation capacity than Q235 low carbon steel, especially in pure shear stress state, the deformation capacity and extremely low cycle fatigue life of LY225 steel are more than twice that of Q235 steel. The Lode parameter enhanced cyclic void growth model (LCVGM) comprehensively considering the influence of stress triaxiality and Lode parameter can be employed to predict the extremely low cycle fatigue fracture. The LCVGM parameters of LY225 steel were determined based on the experimental results. It indicates that the fracture failure of LY225 steel is free from the influence of Lode parameter due to its good shear performance. The monotonic tensile test and extremely low cycle fatigue test were carried out on the LY225 dog bone specimens, and the fracture failure phenomenon after buckling occurred in the test. The post buckling crack initiation and growth process were numerically simulated by the LCVGM of LY225 steel. The prediction accuracy of the LCVGM was verified by comparing the test results and simulations. This study may provide valuable information about the fracture behavior of LY225 steel under various stress conditions, as well as an effective approach to analyze the post buckling fracture process on the member level.