Steel plate reinforced concrete (SC) walls can effectively resist projectile impact by preventing the rear concrete fragments flying away, thus attracting much attention in defence technology. This work numerically and analytically investigated the hard projectile perforation of steel plate reinforced concrete walls. Impact resistance theories, including cavity expansion analysis as well as the petaling theory of thin steel plates were used to describe the cratering, tunneling and plugging phases of SC walls perforation. Numerical modeling of SC walls perforation was performed to estimate projectile residual velocity and target destructive form, which were validated against the test results. An analytical model for SC wall perforation was established to describe the penetration resistance featuring five stages, i.e., cratering, tunneling and plugging, petaling with plugging and solely petaling. Analytical model predictions matched numerical results well with respect to projectile deceleration evolution as well as residual velocity. From a structural absorbed energy perspective, the effect of front concrete panel and rear steel plate thickness combinations was also studied and analyzed. Finally, equivalent concrete slab thickness was derived with respect to the ballistic limit of SC walls, which may be helpful in the design of a protective strategy.