The effect of loading rate on the dynamic fracture properties and the failure mechanisms of glass fiber-reinforced composite materials under mode I fracture is studied. Dynamic reflective caustic experiments are carried out for two loading rates. By measuring the characteristic dimensions of the shadow spots during the caustic experiments, the dynamic SIFs are calculated for different loading rates. The experimental results indicate that the dynamic fracture toughness Kid increases remarkably with increasing loading rate, and the crack grows faster under the high-velocity impact. Moreover, by examining the crack growth routes and the fracture surfaces, it is shown that the loading rate also greatly affects the failure mechanisms at micro-scale.