The deformation and failure behavior of 2024-T42 aluminum alloy sheet was investigated through a combined experimental-numerical method. Nine types of specimens were designed to cover a wide range of stress triaxialities and strain rates. Quasi-static and dynamic tests were carried out by electronic testing machine and split Hopkinson tensile bar respectively, and digital image correlation (DIC) method was introduced to measure the deformation. The phenomenological damage model GISSMO (generalized incremental stress state dependent damage model) and Johnson-Cook model were adopted to simulate all of the above tests and the load-displacement curves through numerical simulation were derived. An optimization method was developed to obtain all the model parameters by matching the load-displacement curves from simulation with those from tests by LS-OPT. Finally, drop weight tests and tensile tests of the central-hole plate were conducted. The applicability and accuracy of the damage models were verified by comparing the simulation results with the experiments, which indicates that GISSMO model predicts better the tests than the Johnson-Cook failure model.