Bistable composite shells are suitable candidates for deployable space structures due to high stiffness to weight ratio as well as large volume reduction. Nevertheless, impact performance of bistable composite shells conflicting with space debris have been rarely studied. In this paper deployable hybrid composites constructed with combinations of carbon–carbon, carbon-kevlar, kevlar-kevlar, high-energy-absorption graphene-reinforced polyurethane elastomers are developed, and their ballistic penetration behaviours are experimentally and computationally studied. The influences of ballistic velocity on the absorbed energy, the residual velocity and damage morphology of the targets are investigated in both deployed and coiled stable states. The results show that sever local damages were observed for the carbon–carbon and carbon-kevlar samples after penetration with various velocities even first cosmic velocity, and the sample of deployable hybrid composite shell yielded the best ballistic impact resistance. The total energy absorption performance of the hybrid composite structure was greatly improved by introducing graphene-reinforced polyurethane elastomers without losing the deployability. Additionally, investigation on the energy absorption capability of deployed laminated shells with various curvature radii indicated that the curvature radius had a significant effect on the anti-penetration performance.