The current investigation aims to scrutinize the impact and fracture toughness of the AH 40 fatigue crack arrester (FCA) steel and its weld metal, when welded with the metal-cored arc welding technique (MCAW). Initially, macroscopic observation and microstructural characterization were carried out in the areas of interest. Subsequently, the impact toughness was determined with the use of the Charpy V-notch test (CVN) at various temperatures, while the values of the absorbed energy (KV), the percentage of shear fracture (PSF), and the lateral expansion (LE) were recorded. Moreover, the ruptured surfaces were examined with a scanning electron microscope (SEM). Finally, the crack tip opening displacement (δ) parameter was estimated at room temperature by fracture toughness testing. The obtained data led to the quantification of the toughness parameters, when dynamic or quasistatic load is applied, while the combined effect of several factors to the degradation of the weld metal toughness was elucidated. The ductile to brittle transition curve and the crack tip opening displacement in the weld metal appeared to be lower than inside the unaffected material. Nevertheless, fracture toughness properties were evaluated within acceptable limits in all cases.