The effect of microstructure on the fracture toughness of multi pass weld metal has been investigated. The micromechanisms of fracture process are identified by in-situ scanning electron microscopy(SEM) fracture observation using single edge notched specimen. The notches of the in-situ fracture specimens were carefully located such that the ends of the notches were in the as-deposited top bead and the reheated weld metal respectively. The observation of in-situ fracture process for as-deposited top bead indicated that as strains are applied, microcracks are formed at the interfaces between soft proeutectoid ferrite and acicular ferrite under relatively low stress intensity factor. Then, the microcracks propagate easily along the proeutectoid ferrite phase, leading to final fracture. These findings suggest that proeutectoid ferrite plays an important role in reducing the toughness of the weld metal. On the other hand, reheated regions showed that the microcrack initiated at the notch tip grows along the localized shear bands under relatively high stress intensity factor, confirming that reheated area showing momogeneous and fine microstructure would be beneficial to the fracture resistance of weld metal.