In response to the problem of enclosed internal spaces in existing honeycomb sandwich panels, the concept of an hourglass honeycomb sandwich panel model is proposed for the first time, which provides a breakthrough approach for achieving the multifunctional integration of honeycomb sandwich panels. Numerical simulation methods are employed to investigate the dynamic performance of the hourglass honeycomb sandwich panels. The focus is on discussing the influences of the geometric parameters on the deformation mode, dynamic response, load uniformity, and energy absorption capacity of the hourglass honeycomb sandwich panel under different impact velocity conditions. The research results indicate that under low-velocity-impact conditions, the influence of the geometric parameters is predominant. In contrast, under high-velocity-impact conditions, the influence of the impact velocity conditions is predominant. Hourglass honeycomb sandwich panels with low density, a large inclination angle of the honeycomb wall, and small contact distances between the hourglass honeycomb cell and the panel have excellent load uniformity, and the distances between the contact points of the hourglass honeycomb cell and the panel have a great influence on the energy absorption capacity of the sandwich panels. This study provides a theoretical basis for the application of honeycombs in aerospace and other engineering areas.