In this paper, through high-temperature tensile tests of 55NiCrMoV7 steel, high-temperature fracture behavior, microstructure evolution, and carbide distribution characteristics of both the thermal–mechanical coupling zone (fracture zone) and thermal stress zone (clamping zone) at different temperatures were studied. Intrinsic relationships between high-temperature fractures and carbide types, distribution and size were revealed, and evolution mechanisms of microstructure near cracks in 55NiCrMoV7 hot-working die steel during high-temperature deformation was clarified. Samples were stretched at different temperatures from 25 °C to 700 °C, and microscopic examinations were carried out using SEM and TEM. The results showed the following. With the increase in temperature, tensile strength and yield strength decreased, elongation and reduction of area increased, and fracture mode changed from brittle fracture to ductile fracture by transition temperature at about 400 °C. During high-temperature deformation, the grain dislocation density decreased and the tempered martensite decomposed, recovered, recrystallized, and then grain grew. M7C3 and M23C6 carbides precipitated and grew along the grain boundary, and a small amount of fine granular MC carbides was dispersed in the grain. The work done by the external force on the deformation zone would cause the temperature of it to be higher than the tensile temperature, which provides thermodynamic conditions for the redissolution of small carbides near the fracture zone and the grain growth of large carbides, resulting in a decrease in small carbides and increase in large carbides in thermal–mechanical coupling zones.