The process of shaped charge jet formation, fragmentation, and penetration in rolled-homogenous armor steel target plates was investigated using the explicit, nonlinear Lagrangian finite element method. The investigation was conducted in two dimensions utilizing an axisymmetric configuration for a shaped charge with a 40 mm cone diameter. The results obtained using numerical simulations were compared to the experimental results obtained from tests. In addition, the dynamic behavior of the jet was compared to the visual data obtained from X-rays to confirm jet formation and fragmentation predictions. The advanced features of the developed shaped charge model include adaptive remeshing to follow the high deformation pattern of the jet, appropriate constitutive material models and equations of state to account for high strain rate, and restart files to allow the simulation to be performed in stages.