A rare earth Mg alloy, WE43, exhibits high strength, good ductility, low anisotropy, and moderately high strain rate sensitivity. As such, the alloy is a viable candidate for high strain rate applications. In this work, a comprehensive set of mechanical and microstructure data recorded during quasi-static, high strain rate split Hopkinson bar (SHB), and impact tests on specimens of WE43 Mg alloy reported in (Savage et al., 2020b) is simulated and interpreted using an advanced Taylor-type crystal plasticity finite element (T-CPFE) model. The T-CPFE model is formulated physically to embed two sources of strain-rate sensitivities inherent to each slip and twinning mode in WE43, one that occurs under constant structure and another that affects structure evolution. The model parameters are established for the alloy by achieving agreement in the stress-strain response and microstructure evolution under quasi-static and SHB tests. Density functional theory calculations of anti-phase boundary (APB) energy are carried out to explain origins of the unusually large initial slip resistance for basal dislocations, which shear precipitates in the alloy. The initial slip resistances of the prismatic and pyramidal dislocations are, instead, rationalized by Orowan looping around precipitates. After calibration and validation, the model is shown to successfully predict WE43 response at much larger strain rates than those used for model calibration. Specifically, mechanical response, specimen geometry changes, twin volume fractions, and texture evolution are predicted for different orientations of the Taylor cylinders. Details of the modeling framework, comparison between simulation and experimental results, and insights from the results are presented and discussed.