Through experimental and numerical investigation, this article investigates the constitutive and impact response of the 1.6 mm thick AA7474-T7351 plate under the impact of blunt and hemispherical-nosed projectiles at different velocities. The Johnson-Cook plasticity and failure model parameters were calibrated for the target material using experimental data from the tensile experiments, which took into consideration the effects of plastic strain, strain rate, temperature and stress triaxiality. Further, JC plasticity model parameters were also optimised using a parametric optimisation process. The flow stress of AA7475-T7351 shows positive and negative sensitivity toward loading rate and temperature. It is observed that the ductility of AA7475-T7351 decreases with increases in stress triaxiality, whereas the flow stress increases. Perforation experiments on 1.6 mm thick circular AA7475-T7351 plates were carried out using a single-stage gas gun along with the high-speed Digital Image Correlation (3D-DIC) technique. The blunt nose projectile causes shear failure, whereas hemispherical nose projectile causes combined tension-shear failure; a microscopic study is performed to confirm this phenomenon. Experimental results obtained from DIC were validated using the numerical analysis in the Abaqus/Explicit platform in terms of transient out-of-plane deformation of the target plate. The quantitative error between experimental and numerical analysis was evaluated using the Russell error technique. Numerical analysis revealed that constitutive relations could predict the physical fracture mechanisms during perforation qualitatively as well as quantitatively.