The fracture resistance of steel in aged structures after long-time service can be significantly degraded by corrosion, which can lead to catastrophic failures of the structure. This paper aims to experimentally investigate the fracture characteristics of naturally corroded steel cut from a bridge girder after 128 years’ service. Mechanical tests and microstructural analyses are conducted on the specimens with various levels of corrosion and the relationship between fracture toughness reduction and corrosion level is quantitatively investigated. The fracture mechanism of the corroded steel is critically analysed and discussed. It is found from the test results that steel subjected to pitting corrosion has strong negative correlation with the local corrosion levels in front of the pre-cracks of the specimens, but is seldom related to the overall corrosion levels. The uneven corroded surfaces of specimens lead to significant differences in the J-R curves of the specimens with a similar range of average pit depth. It is also found from the fractography analyses that less ductile fracture characteristics are exhibited near the severe corrosion pits, which limits the fracture resistance of corroded steel. The findings presented in this paper can contribute to the development of optimal maintenance strategies of aged steel structures for engineers and asset managers.