The present paper describes the method for evaluation of yield strength and fracture toughness of three materials, namely, linepipe steel, aluminum (Al) alloy, and gray cast iron using miniature specimen test. Conventional standard test methods consume more material and money and may damage the integrity of the in-service component. Miniature specimen tests overcome all these demerits. A method is outlined to predict the yield strength and fracture toughness from the miniature test through the empirical relations. The validation of results has been carried out by conducting standard tensile and fracture toughness tests according to ASTM standards. Further, the finite element method has been used to simulate the miniature test. A close agreement is observed between the results of the miniature test and standard tests.