The investigation of fracture and fragmentation is essential for evaluating the protection performance and structural design of ceramic armour. This paper focused on the dynamic failure and fracture mechanisms of the fine-grained Al2O3/SiC composite subjected to plane shock waves. The macroscopic shock response characteristic was determined through a series of plane impact tests, which included the Hugoniot curves of the composite. The results indicated that the fracture mechanism is significantly influenced by specific stress characteristics. The transgranular fracture in large grains and intergranular fracture in small grains exhibit obvious local plastic deformation characteristics. Moreover, the presence of second-phase SiC particles markedly influences both crack propagation and the microfracture mode of the composite. Lastly, a statistical analysis of the ceramic fragments was conducted after the soft recovery of specimens in impact experiments, and analytical models were developed and modified to predict the distribution of fragments under plane shock loading.