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Based on the existing research results, a theoretical fracture model of strata under the compound impact of static and harmonic dynamic load is improved, and the fracture characteristic parameters (stress intensity factor, T-stress, and fracture initiation angle) under the two far-field stress are determined according to the crack dip angle. Additionally, the effects of harmonic dynamic load on the distribution of the stress field and the fracture characteristic (the crack initiation angle, the fracture degree, the number of fracture units, and the fracture area) are further calculated and discussed by theoretical model solution, extended finite element simulation, and the secondary development of the simulation module, respectively. The research results show that the far-field stress, stress intensity factor, and T-stress vary in harmonic form with time under the compound impact of static and harmonic dynamic loads. The frequency of dynamic load affects the number of reciprocal fluctuations of stress intensity factor and T-stress as well as the crack initiation time, but has less influence on the crack initiation angle and fracture degree. While the amplitude of dynamic load affects the stress intensity factor, the extreme value of T-stress and fracture characteristics of the crack. This study has theoretical guiding significance for parameters’ optimization and realization of resonance impact drilling technology.