The mechanical property and failure prediction play a significant role in engineering applications of lithium-ion batteries (LIBs), but with great difficulties due to their complicated internal structures. This paper mainly focused on dynamic crushing behaviors and internal failure mechanisms of cylindrical LIBs subjected to different impact loadings for the safety assessment and protection design. A series of dynamic experiments were conducted on typical 18650 LIBs using the drop weight impact test system. The force-electric-thermal responses and impact failure modes of the cells with state of charge (SOC) dependence were experimentally explored under different impactor types. The finite element (FE) model was also established to reveal the failure mechanisms of the battery under high-velocity impact, and its accuracy was validated by the comparison between the experimental and corresponding FE results. Furthermore, the dynamic failure mechanisms of cylindrical cells using the stress wave theory were also explored in this work. It was shown that except from impact velocities, there were significant effects of the SOCs and impactor types on dynamic responses and internal failure modes of LIBs. The failure displacement of the cell will decrease with the increase of impact velocity, but it was insensitive under low-velocity crushing. Based on the FE results, the relationships between failure displacement and impact velocity and impactor diameter were established under flat-end cylinder head impacting. This work can provide some references for multi-functional dynamic integrity design and safety assessment of LIBs.