Dynamic crack propagation behavior in axisymmetric solids is investigated using an effective computational procedure. First, an accurate method to extract energy release rate of a dynamically propagating crack from finite element solutions is formulated for axisymmetric geometries. The method is applied to an analysis of a radially growing circular crack under remote tension in an infinite medium. The computed dynamic energy release rate shows an excellent agreement with the exact solution. Next, we have developed an iterative technique to propagate a crack whose velocity history is initially unknown. With the iterative procedure, the crack propagates according to a condition specified by a dynamic fracture criterion. At each increment of crack growth, an optimum velocity at which the crack growth condition satisfies is obtained by the iterative scheme. This procedure requires no artificial input or no preset crack tip speed in a simulation study. The iterative scheme is employed in a dynamic fracture analysis of ceramics. The computational analysis is carded out for simulation of fracture experiments using circumferentially notched round bars. In the test, a ceramic specimen is subjected to tensile stress wave loading and after crack growth initiation, the external crack propagates to tear the specimen. The computational simulation is carded out for the entire fracture process including the crack growth initiation and the dynamic propagation. The iterative procedure enables us to predict the crack tip velocity which is unmeasurable in the experiment. Suitabilities of proposed fracture toughness criteria for the ceramics are investigated by comparing measured and computed transmitted pulses through the uncracked ligament. This study proves the usefulness of the computational procedures for dynamic fracture analysis. It is most effective in characterizing dynamic fracture toughness where determination of every relevant parameter is difficult in the experiments.