The equivalent material concept (EMC) assumes that the ductile material has a valid K‐based fracture toughness (KIc or Kc). For ductile materials with significant strain‐hardening, no valid KIc or Kc is determined by the standard experiments and, hence, EMC seems null. The modified EMC (MEMC) is proposed in this study by which a virtual Kc value is defined and computed for the ductile material with significant strain‐hardening. In this way, Mode I and mixed Mode I/II fracture behaviors of U‐notched aluminum alloy 5083 are assessed in the view points of experiments and theories. Several U‐notched rectangular samples are used for performing the experiments and obtaining the failure loads. Then, the MEMC is coupled with the maximum tangential stress and mean stress criteria and utilized to predict the failure loads theoretically. Finally, it is shown that both the MEMC‐stress‐based criteria can provide very good predictions of the test data.