With the continuous increase of depth in underground engineering, rock bursts or rock explosions can cause instantaneous shock load and result in rock engineering disasters. To solve these problems, a novel high strength and high toughness (HSHT) bolt steel with constant resistance and large deformation is proposed. This study aims to investigate the dynamic constitutive models and microstructure of HSHT steel under extreme loading conditions. A series of dynamic tension tests were conducted using a Split Hopkinson Tensile Bar (SHTB) system with a high-speed camera. The results revealed that the HSHT steel exhibited a positive strain rate effect. As the strain rate increased from 1000 s−1 to 5000 s−1, the yield strength and ultimate strength of the HSHT steel increased gradually. However, no obvious changes in the uniform elongation. Specifically, the yield strength, tension strength, and uniform elongation of strain rate at 5000 s−1 were 1100 MPa, 1170 MPa, and 30%, respectively. According to the results of the SHTB tests, a modified Johnson-Cook model was proposed. Additionally, we investigated the microstructure of HSHT steel at a high strain rate through microscopic characterization techniques. A large number of fine and deep dimples were observed near the fracture of HSHT steel under dynamic loading. Moreover, the HSHT steel demonstrates a significant presence of nano-twins, which effectively impedes crack propagation both within the grain interior and along grain boundaries. The above findings reveal the relationship between mechanical behavior and microstructure in HSHT steel within dynamic loading conditions, providing valuable insights for the design of HSHT steel in underground engineering.