The multiphase alloy MP35N (35% Ni, 35% Co, 10% Mo, 20% Cr) is a high strength, high toughness alloy of choice for several safety-critical applications in aerospace, oil drilling, and biomedical industries. Several previous attempts in literature to measure the plane strain fracture toughness of commercially drawn MP35N did not produce reliable values since they violated one or more of the criteria stipulated by ASTM standards for a valid measurement of K Ic . In most cases, the requirements for plane strain and small scale yielding conditions were not met, since the commercially drawn material was available only with limited cross-sectional dimensions. In this investigation specially designed specimens (modified compact tension (CT) specimens) have been used to measure the plane strain fracture toughness of MP35N in both the unaged and the aged conditions. The K Ic of the commercially drawn (53% reduction level) MP35N was measured to be 126 MPa√m, while that of the commercially drawn and aged MP35N was measured to be 98 MPa√m. Both these measurements satisfied all the required criteria stipulated by ASTM standards for valid measurements of K Ic . The new procedure used in this study has been verified by the measuring of fracture toughness of Al alloy, using both the modified specimen, as designed here, and the standard one. The results for plane strain fracture toughness of MP35N alloy have been verified by the standard measurement of J Ic values for both the aged and the unaged alloys. Finally, on a suitably normalized plot, introduced in this paper, the toughness-strength envelop for MP35 is higher than most of structural alloys, but significantly lower than that of the TRIP steels.