Four point bending (4PB) notched specimens with different notch sizes are tested at various loading rates at a temperature of −110 °C for a C–Mn steel. An elastic–plastic finite element method (FEM) is used to determine the stress and strain distributions ahead of notches. By accurately measuring the distances of the cleavage initiation sites from the notch roots, the local cleavage fracture stress σ f is measured. The results show that the local cleavage fracture stress σ f does not essentially change with loading rate V and notch size. The reason for this is that the cleavage micromechanism does not change in the different specimens at various loading rates. The cleavage micromechanism involves competition of two critical events of crack propagation and crack nucleation in the high stress and strain volume ahead of notch root. The large scatter of σ f and notch toughness are mainly caused by the different critical events in different specimens.