The dynamic fracture behavior of mass concrete is crucial to the dynamic analysis and safety evaluation of concrete dams subjected to strong earthquake shocks in the framework of fracture mechanics. In the presented research, cylindrical specimens with a ring of preset cracks were cast by three-graded mass concrete, and direct tension tests were performed with two loading rates considered, i.e., 10−6/s for quasi-static loading and 10−3/s for dynamic loading. The load–crack mouth opening displacement (P-CMOD) curves were obtained, from which the fracture toughness, fracture energy, and characteristic length of the mass concrete were obtained. In this process, the influence of the eccentricity in the tests was compensated by the numerical modeling of the tests. Next, the crack propagation process of the mass concrete was modeled using the extended finite element method. From the test results, it is found that, under quasi-static loading, the crack generally propagates along the interface between the aggregates and the matrix, while, under dynamic loading, more aggregates are fractured. As compared to the case of quasi-static loading, the energy absorption capacity, fracture energy, and fracture toughness increase for dynamic loading, while the characteristic length decreases. Moreover, the numerically predicted P-CMOD curves agree reasonably well with the experimental measurements.