Six widely used 7.62 ×51 mm projectile types (M80, M61, P80/1, M80A1, M1158, and M993) were subjected to the analysis in this paper. Numerical simulations (Ansys Autodyn) of projectile impacts on hard steel targets were performed as part of this analysis. Projectiles had the same impact velocity (800 m/s). This allowed evaluation of the projectile’s design and material’s effect on its performance against a hard steel target. Validation of the numerical model and used materials was first performed, using available experimental data. A short description and Computer-Aided Design (CAD) model of projectiles is also given. Comparing the M1158 projectile to other AP projectiles taken into consideration, it was concluded that the former had a much deeper penetration depth into a hard steel target (Armox 500T). The projectile’s penetrating capability is greatly impacted by the material selection used for its component parts. Assuming all other factors remain constant, penetrators with higher density and harderness can achieve deeper penetration. Under the same conditions, an increase in penetrator length results in an increase in penetration depth. The absence of a gilding metal jacket in the projectile’s frontal ogive section can decrease energy required to remove the jacket during the penetration, hence increasing the projectile’s penetration capabilities.