For ultra-high strength steels of TF980+Z and DP980+Z, a comparative analysis on the fracture failure performance was conducted, and the chemical compositions, microstructures and static mechanical properties of the materials were studied. Based on the analysis of the fracture failure model, five different failure test specimens were designed, and the fracture failure curves of the materials were obtained by fitting. Furthermore, the failure performances of the two materials were compared and tested by high-speed perforation tests, and the reliability of the obtained fracture failure curves was verified. The results show that the microstructure of TF980+Z steel is mainly composed of lath bundle bainite and ferrite, with a certain amount of retained austenite distributed, which is quite different from the ferrite and martensite structure of the traditional dual-phase steel. The strength and yield strength ratio of TF980+Z steel are basically the same as those of DP980+Z steel, but the elongation after fracture and strength-ductility product are superior to those of the latter. The ultimate plastic strain of the fracture failure curve for TF980+Z steel is overall higher than that of DP980+Z steel, with the minimum value of 0.618 and 0.478, respectively, which is increased by about 29.3%. The change trend of the stress triaxiality for the two materials during the high-speed perforation process is basically the same. The ultimate plastic strain of TF980+Z steel is 0.748, which is higher than that of DP980+Z steel and it is less likely to suffer fracture failure under collision and impact. The ultimate plastic strain obtained by the test is basically consistent with the results extracted by the simulation model, indicating that the obtained material model and the fracture failure curve have high prediction accuracy.