In this work, we perform a comprehensive study of the dynamic deformation and fracture of brass, including Taylor tests with classical and profiled cylinders and ball throwing experiments reaching the strain rates of about (0.1−1)/μs, as well as atomistic and continuum-level numerical modeling. Molecular dynamics (MD) simulations are used to construct the equation of state (EOS) of brass and to study its fracture characteristics at shear deformation under negative pressure. An original model of fracture under combined tensile-shear loading is formulated, which takes into account both the accumulation of empty volume in the process of lattice loosening due to the lattice defect production in the course of plastic deformation and further mechanical growth of voids controlled by the dislocation plasticity. This atomic-scale model is transmitted to the macroscopic experiment-scale level and embedded into 3D dislocation plasticity model to describe the dynamic deformation and fracture of brass using the numerical scheme of smoothed particle hydrodynamics (SPH). A part of experimental data is used to find the optimal parameters of the dislocation plasticity model by means of the Bayesian global optimization method accelerated with the help of artificial-neural-network (ANN)-based emulator of the 3D model. Another part of experimental data is used to fit the fracture model parameter. The remaining experimental data, which are not used in the parameterization, are applied to verify the parameterized model. The developed physical-based model provides correct and meaningful description of the dynamic deformation and fracture of brass, while the developed formalized approach to its parameterization opens a way to wider use of this type of models in the engineering applications, including studies on dynamic performance and high-speed processing technologies.