Rolling contact fatigue (RCF) and wear caused by rolling contact between the wheel and rail are inevitable problems in railway systems. An increase in axle load or the slip ratio causes excessive wear. However, RCF and wear do not act independently, but one influences the other. Wheel and rail materials and manufacturing quality have a considerable influence on the formation of RCF and the ensuing wear. Therefore, the mechanical properties of the wheel and rail are important factors for reducing RCF and wear on the contact surface. This paper presents a comparative evaluation of the wheel and rail used in the Korean industry for high speed trains and conventional rails with respect to their fatigue and fracture behavior. A series of tests such as uniaxial tensile tests, fracture toughness tests, and fatigue crack growth tests were carried out at both room temperature and low temperatures.