Polyurethane elastomers (PUEs) will experience different strain rates in different application scenarios. Therefore, it is of great significance to study the mechanical properties of PUE under a wide range of strain rates and establish a constitutive model that considers strain rates with high accuracy and few parameters. In this study, the quasi-static and dynamic compression tests of two types of PUEs (PUE55 and PUE85) were carried out, and investigated the strain rate effect of the materials. Based on the Mooney-Rivlin hyperelastic model and the Prony series, a compressible visco-hyperelastic constitutive model for PUE was established. Different from the conventional constant relaxation time in Prony series, two relaxation times that vary exponentially with principal stretch were proposed based on the relaxation test to describe the strain rate effect of the material at low and high strain rate respectively. In addition, using the visco-hyperelastic constitutive model to obtain the model inputs of the Simplified rubber/foam model in LS-DYNA, the impact process of the Metal/PUE composite projectile was reproduced under different impact conditions through the finite element simulation. Simulation results verified the visco-hyperelastic model in generating numerical model material parameters and the rationality of the Simplified rubber/foam model in describing PUEs.