The saturated impulse is a special phenomenon in the dynamic plastic behavior of engineering structures under intensive pulse loading, such as slamming loading. In this study, slamming experiments were performed on steel plates to investigate their slamming pressure and dynamic plastic responses, as well as the saturation phenomenon, and elucidate the effect of the plate thickness and material properties on the dimensionless saturated deflection and saturated impulse in combination with the published test data. The results show that the dimensionless saturated deflection and saturated impulse of the test plates gradually increased as the dimensionless stiffness decreased. After being validated against the experimental results, a numerical method that considered the fluid–structure interaction (FSI) effect was then employed to provide comprehensive insight into the transient plastic responses and saturated impulse of the flat plates under slamming impact. Numerical simulations revealed that the compressed air layer always existed during the effective process of the flat slamming impact. Through the numerical prediction of the dynamic plastic deflection and slamming pulse loading, it was observed that the saturated impulse phenomenon always took place after the time instant of the peak value of the pressure pulse. Furthermore, the analysis of the saturated impulse based on the numerical simulations indicated that the saturation phenomenon was more likely to be achieved as the water impact velocity increased.