Impact loading on carbon fiber reinforced polymer matrix (CFRP) composite laminates can result in a significant reduction in their residual properties, and the (ShAI) properties of the composite material are essential to obtain the material allowable values of the shear dominated composite structures. In order to obtain the ShAI properties of the composite material in pure shear stress at a coupon level, this study presents theoretical, experimental, and numerical methods and analysis work on the in-plane shear and ShAI properties of the composite laminates. Theoretically, a method of sizing the composite specimen loading in shear is developed through comparing the load values due to buckling and the material failure. Following this, both impact tests using the drop-weight method and ShAI tests using the picture frame test method are conducted, and the influences of the impact energies on the impact damage and the residual ShAI values are evaluated. Moreover, a progressive failure finite element model based on the Hashin’s failure criterion and the cohesive zone model is developed, and a two-step dynamic analysis method is performed to simulate the failure process of the composite laminates under impact loading and ShAI loading. It is found that the impact damage with the cut-off energy, 50 J, causes a 26.8% reduction in the residual strength and the residual effective shear failure strain is about 0.0132. The primary reason of the shear failure is the propagation of both the matrix tensile failure and interlaminar delamination. It can be concluded that the proposed theoretical, experimental, and numerical methods are promising factors to study the ShAI properties of the composite materials.