The anisotropic fracture properties of bainitic (bcc) steel at room temperature and −196 °C have been investigated using different specimen geometries along three loading directions, crossing stress triaxiality range from −1/3 to 1.5. The failure mechanisms in different testing conditions have been investigated in detail and uncoupled damage mechanics approaches have been used to simulate the deformation and fracture properties. Despite the brittle behavior of the bcc steel in high triaxiality three-point bending conditions, significant plastic deformation takes place in tensile tests at −196 °C. It is observed that ductile fracture with shear and void coalescence as underlying mechanisms takes place at −196 °C, which is far below the ductile to brittle transition temperature, when the local stress triaxiality is below a threshold value [1]. When the local triaxiality is above the threshold value, cleavage fracture is triggered at cryogenic temperatures. Furthermore, it is noticed that the stress triaxiality dependent transition of failure mechanisms also shows anisotropic effects. Ductile fracture occurs at −196 °C in the central hole specimens tested along rolling direction, while cleavage fracture occurs in the same geometry tested along other loading directions. In addition, the temperature effects on the ductile fracture strain over different stress states have been quantified based on the collected local critical stress and strain variables from finite element simulations for room temperature and −196 °C. In the end, a phenomenological unified fracture criterion revealing the underlying failure mechanisms is developed to describe the anisotropic fracture properties at different temperatures over a broad range of stress states.