Quasi-static compression/tension, dynamic compression/shear mechanical property tests, fracture morphology characterization, dynamic response experiment, numerical simulation, and calculation of the ultimate penetration velocity of the high-strength steel under the impact of large mass low-velocity fragments and small mass high-velocity fragments were carried out to study the ballistic performance of high-strength steel used for armor vehicle protection and clarify its dynamic response under Ballistic impact. The fracture mode of the high-strength steel under dynamic impact compression and shear was shear failure. A large number of fine parabolic shear dimples were formed on the fracture surface. The high-strength steel had an obvious strain rate strengthening effect and adiabatic shear sensitivity. The plug formed under the low-velocity impact of a large mass fragment was a cone shape, and the impact area of the target plate underwent slight bending plastic deformation. The damage of the fragment to the target plate includes both adiabatic shear failure and ordinary shear failure. Under the high-velocity impact of small mass fragments, the fragments were seriously deformed and destroyed, and the damage model of the target plate is adiabatic shear failure.