In this paper, line- and ring-notched small punch test (SPT) specimens were studied; a three-dimensional (3D) model of a ring-notched SPT specimen was established using the contour integral method, and the validity of the model was verified using ring-notched specimens. The stress and strain fields were analyzed using numerical simulations of a ring-notched SPT specimen, and the change in the stress gradient during deformation was considered. To verify the finite element model, the results of the numerical simulations were compared with those of three-point bending tests and a Gurson–Tvergaard–Needleman (GTN) model. Compared with the line-notched specimen, the ring-notched specimen was more suitable for notch propagation analysis and fracture toughness evaluation. The results of the numerical simulations were in good agreement with those of the experiments, which showed that the numerical model used in this study was correct. For a notch that initiated when the load reached its maximum value, the value of the J integral was 335 × 10−6 kJ/mm2, and at time 0.85Pmax, the value of the J integral was 201 × 10−6 kJ/mm2, and the difference from the result of the three-point bending test was 14.4%. For a notch that initiated during the stretching deformation stage, the relevant fracture toughness was 225 × 10−6 kJ/mm2, and the difference from the result of the three-point bending test was 3%.