This paper analyzed mechanical properties and splitting fracture performance of 46MnVS5 with different microstructures. It will provide support of date for new type of splitting fracture connecting rod materials. The results show that bainite has good strength and ductility, but its high ductility is bad for splitting fracture. Martensite and tempered martensite have high strength and low ductility, which is bad for using performance. Ductility of tempered sorbite is too high to meet splitting fracture performance. Tensile and yield strength, impact toughness of tempered troostite is 1569MPa, 1407MPa and 17.5J/cm2, respectively. Tempered troostite has high strength and good splitting fracture performance. Bainite+martensite and tempered troostite maybe two good choices for better splitting fracture and using performance.