Brittle fracture occurs frequently in rails and thermite welded joints, which intimidates the security and reliability of railway service. Railways in cold regions, such as Qinghai-Tibet Railway, make the problem of brittle fracture in rails even worse. A series of tests such as uniaxial tensile tests, Charpy impact tests, and three-point bending tests were carried out at low temperature to investigate the mechanical properties and fracture toughness of U71Mn and U75V rail steels and their thermite welds. Fracture micromechanisms were analyzed by scanning electron microscopy (SEM) on the fracture surfaces of the tested specimens. The ductility indices (percentage elongation after fracture and percentage reduction of area) and the toughness indices (Charpy impact energy A_k and plane-strain fracture toughness K_IC) of the two kinds of rail steels and the corresponding thermite welds all decrease as the temperature decreases. The thermite welds are more critical to fracture than the rail steel base metals, as indicated by a higher yield-to-ultimate ratio and a much lower Charpy impact energy. U71Mn rail steel is relatively higher in toughness than U75V, as demonstrated by larger A_k and K_IC values. Therefore, U71Mn rail steel and the corresponding thermite weld are recommended in railway construction and maintenance in cold regions.