The high-strength bolts of a power plant steel structure fractured and failed in many places. To find the cause of the failure, this paper analyzed the failure reasons of fractured bolts through macroscopic inspection, chemical composition analysis, mechanical performance test, metallographic inspection, and fracture microscopic analysis. The results show that the main cause of bolt fracture is that improper heat treatment leads to a carburized layer on the surface of the bolt, which makes the surface of the bolt sensitive to hydrogen. At the same time, there is a certain amount of hydrogen in the material matrix, which leads to hydrogen accumulation and cracks in the bolt at the stress concentration. Eventually, the cracks propagate and lead to fracture failure.