Ceramic matrix composites have broad application prospects in the aerospace field due to their high temperature resistance and oxidation resistance. The effect of temperature and environment atmosphere on the fracture toughness and failure mechanisms of two-dimensional plain-woven SiCf/SiC composites was investigated. The results show that they exhibit pseudo-plastic deformation behavior at different temperatures. The fracture toughness is as high as 48 MPa m1/2 at room temperature, and gradually decreases with rising temperature. The difference in fracture toughness between argon and air initially increases and then decreases with rising temperature. Furthermore, the high-temperature failure mechanisms of these composites were analyzed through macro and micro analysis. Based on this, a physic-based temperature-dependent fracture toughness model considering matrix toughness, plastic power, fiber pull-out, and residual thermal stress was developed for fiber-reinforced ceramic matrix composites. The model has been well validated by experimental results. An analysis of influencing factors regarding the evolution of fracture toughness was conducted by the proposed model. This work contributes to a better understanding of the mechanical performance evolution and failure mechanisms of ceramic matrix composites under multi-field coupling conditions, thereby promoting their applications.