In this paper, a hollow projectile made of AISI4340 steel was fabricated based on an arbitrary warhead shape, and high-speed impact tests were performed according to various target encounter conditions including velocity and angle. In order to characterize the dynamic fracture behavior, tensile tests were performed on various notch specimens under three strain rates (10–3 s-1, 100 s-1, 103 s-1), and the stress state histories of the specimens were calibrated through a hybrid experimental-numerical analysis. In particular, for the intermediate (100 s-1) and high (103 s-1) strain rate conditions, the local temperature rose due to adiabatic heating until fracture was experimentally measured, and the thermal softening behavior determined from the inverse optimization technique was considered for the dynamic constitutive model. For the comparison with the high-speed impact test results, a rate-dependent ductile fracture model was utilized for numerical simulation. Considering that the model parameters were calibrated with the thermal softening effect, the proposed fracture model implicitly takes temperature into account. The deformation and fracture modes of the projectile from experimental and numerical study showed very good agreement under all impact conditions. It was confirmed that the softening of a material by adiabatic heating should be considered along with strain rate hardening in dynamic fracture simulation.