Ultralight corrugated sandwich constructions have shown great promise as multifunctional structures capable of simultaneous load-bearing, shock mitigation and ballistic resistance, yet little is known about the synergetic effects of combined shock and fragment loadings on their performance. This study presented a combined experimental and numerical investigation of corrugated-core sandwich plate with ultra-high molecular weight polyethylene (UHMWPE) fiber metal laminate (FML) face-sheets subjected to combined shock and fragment impact. The combined loading was achieved using a laboratory-based experimental technique previously proposed by the present authors, i.e., the impact of fragment-foam composite projectile fired from a light gas gun. Corrugated-core sandwich plates with both FML face-sheets and metallic face-sheets were prepared, and their ballistic/blast resistances and deformation/failure modes were characterized experimentally. Three-dimensional finite element simulations were performed and validated to provide further insight into the underlying mechanisms of dynamic responses under combined loading. Compared with the reference sandwich plate with metallic face-sheets, stacking UHMWPE composite sheets into the face-sheets not only maintained the blast-induced deflection but also improved the ballistic limit against the fragment simulation projectile (FSP). The synergetic effect of combined loading could weaken the penetration resistance and increase the permanent deflection, but the tearing cracks caused by combined loading could be significantly inhibited by the use of FML face-sheets. In addition, the impact sequence of foam and fragment affected the ballistic resistance of corrugated-core sandwich plate with FML face-sheets.