An experimental test campaign studied the structural integrity of carbon fibre/epoxy panels preloaded in tension or compression then subjected to gas gun impact tests causing significant damage. The test programme used representative composite aircraft fuselage panels composed of aerospace carbon fibre toughened epoxy prepreg laminates. Preload levels in tension were representative of design limit loads for fuselage panels of this size, and maximum compression preloads were in the post-buckle region. Two main impact scenarios were considered: notch damage from a 12 mm steel cube projectile, at velocities in the range 93–136 m/s; blunt impact damage from 25 mm diameter glass balls, at velocities 64–86 m/s. The combined influence of preload and impact damage on panel residual strengths was measured and results analysed in the context of damage tolerance requirements for composite aircraft panels. The tests showed structural integrity well above design limit loads for composite panels preloaded in tension and compression with visible notch impact damage from hard body impact tests. However, blunt impact tests on buckled compression loaded panels caused large delamination damage regions which lowered plate bending stiffness and reduced significantly compression strengths in buckling.