The rate‐dependent behavior associated with deformation and fracturing of materials, such as natural rocks, poses significant challenges for modeling. In addition to the complications of the viscoelastic response, the speed of fracture propagation reflects micromechanical mechanisms in the fracture process zone (FPZ). In order to represent these complicated behaviors, a thermodynamically consistent, rate‐dependent fracture model is required. Based on rigorous thermodynamic principles, we derive a rate‐dependent phase‐field mechanical model coupled with single‐phase fluid flow in both the matrix and the fracture. The model is guaranteed to satisfy energy conservation during fracture propagation. The system of equations is solved using the introduced solution procedure and a novel preconditioner that accounts for the complex fluid–structure interaction. The proposed phase‐field model is tested against several benchmark problems on solid‐fluid coupling, fluid‐driven fracture propagation and rate‐dependent viscoelastic deformation. The model serves as a strong basis for investigating rate‐dependent fracturing experiments and for making predictions of material behaviors under new conditions.