The objective of this work was to investigate the damage characteristics and failure modes of gypsum rock under dynamic impact loading. Split Hopkinson pressure bar (SHPB) tests were performed under different strain rates. The strain rate effects on the dynamic peak strength, dynamic elastic modulus, energy density, and crushing size of gypsum rock were analyzed. A numerical model of the SHPB was established using the finite element software, ANSYS 19.0, and its reliability was verified by comparing it to laboratory test results. The results showed that the dynamic peak strength and energy consumption density of gypsum rock increased exponentially with strain rate, and the crushing size decreased exponentially with the strain rate, both findings exhibited an obvious correlation. The dynamic elastic modulus was larger than the static elastic modulus, but did not show a significant correlation. Gypsum rock fracture can be divided into crack compaction, crack initiation, crack propagation, and breaking stages, and is dominated by splitting failure. With increasing strain rate, the interaction between cracks is noticeable, and the failure mode changes from splitting to crushing failure. These results provide theoretical support for improvements of the refinement process in gypsum mines.