The perforation of monolithic and multi-layered thin metallic plates by flat-ended cylindrical penetrator is considered. The most relevant analytical penetration models with their most important assumptions, basic process mechanisms, and key analytical relations for plugging mode of monolithic plates penetration are reviewed. Comparative analysis of computational results and our experimental data show significant compatibility of process basic parameters and also indicates certain limitations of the analytical models. It has been concluded that phenomenological model with deformable penetrator represents the best analytical approximation of penetration process. By modification of this model, the improved penetration model is created, whose results better correspond with experimental data. The improved model is applied to the analysis of perforation of multi-layered targets with spaced layers. Theoretical results for the case of double-layer target are especially analyzed. These results enable the formulation of certain conclusions of considerable practical importance.