In the present paper, dynamic crack propagation in rubber is analyzed numerically using the finite element method. The problem of a suddenly initiated crack at the center of stretched sheet is studied under plane stress conditions. A nonlinear finite element analysis using implicit time integration scheme is used. The bulk material behavior is described by finite-viscoelasticity theory and the fracture separation process is characterized using a cohesive zone model with a bilinear traction-separation law. Hence, the numerical model is able to model and predict the different contributions to the fracture toughness, i.e. the surface energy, viscoelastic dissipation, and inertia effects. The separation work per unit area and the strength of the cohesive zone have been parameterized, and their influence on the separation process has been investigated. A steadily propagating crack is obtained and the corresponding crack tip position and velocity history as well as the steady crack propagation velocity are evaluated and compared with experimental data. A minimum threshold stretch of 3.0 is required for crack propagation. The numerical model is able to predict the dynamic crack growth. It appears that the strength and the surface energy vary with the crack speed. Finally, the maximum principal stretch and stress distribution around steadily propagation crack tip suggest that crystallization and cavity formation may take place.