Charpy V-Notch test is commonly used to evaluate fracture toughness. However, since the region to be evaluated is limited to bulk material due to the specimen size required, individual evaluation of micro-structures on weldment is very difficult. In this study, ASP(Advanced Small Punch) test was carried out to evaluate material degradation and fracture toughness on the B.M, W.M and each micro-structures of HAZ for X20CrMoV121 and 2.25Cr1Mo steels with artificial aging time. In addition, to evaluate fracture toughness and material degradation of B.M and W.M of X20CrMoV121 steels with aging times, CVN (Charpy V-notch) test was performed. And then the correlation between ASP and CVN test on X20CrMoV121 steels was obtained. Furthermore, through this correlation, material degradation property of each micro-region of the HAZ in weldment, which was impossible to be evaluated by the CVN test, can be estimated and determined.