This paper presents experimental and numerical studies on the performance of seven high-performance fiber-reinforced cement-based composites against high velocity projectile impact (HVPI). The materials investigated involved four fiber-reinforced high-strength concretes (FRHSCs) with 28-day compressive strengths ranging from about 60 to 140 MPa, two strain hardening cement-based composites (SHCCs), and a fiber-reinforced high-strength mortar (FRHSM). Of the two SHCCs, one was reinforced with 0.5% steel fibers plus 1.5% polyethylene (PE) fibers by volume of the composites, whereas the other was reinforced with 2% of polyvinyl alcohol (PVA) fibers. The other composites were reinforced with 0.5% of steel fibers. Ogive-nose shaped projectiles, with a diameter of 28 mm and weight of about 250 g, were used for the HVPI tests at projectile velocities of ~400 and ~600 m/s. The localized damage, particularly the penetration depth, was examined and discussed. Results indicate that the higher compressive strength and greater toughness of cement-based composites, as well as the presence of strong coarse aggregate and fibers, contribute positively to the impact resistance of composites. In addition, it was found that the penetration depth of the composites subjected to HVPI is reduced with an increase in the elastic modulus, as well as with the “effective hardness index” calculated based on the hardness and proportion of the coarse aggregate and mortar matrix. Numerical studies were conducted to simulate the localized damage of the FRHSCs and SHCCs due to the HVPI using the finite element software LS-DYNA. The numerical models adapted predict the penetration depth well. The numerical simulation results indicate that it takes a longer time to stop the projectile traveling at the same initial velocity in the SHCC specimen than in the FRHSC specimen due to the absence of hard and strong coarse aggregate in the former.