The composite modified double-base propellants (CMDB) were experimentally investigated for mechanical behavior under wide tension strain rate loading from 0.0001 s−1 to 2500 s−1, based on Instron mechanical machine and modified Hopkinson tension bar technique. Stress-strain curves were obtained for its strain rate effect and integrality evaluation. The results indicated that CMDB presents high rate-dependence with flow stress distinctly increase as loading strain rate increasing. A succinct constitutive formulation is established with only five parameters, to characterize well the rate-dependence and strain hardening behavior. The fracture morphologies were investigated by scanning electron microscopy, and it is indicated that they are also rate-dependent: the cavitation and matrix damage induced from matrix deformation work less but more RDX particles fractures with strain rate increasing. Equivalent unit cell model with brittle cracking was established to simulate the mechanical behavior and failure characteristics of CMDB. The results reveal that with increasing loading strain rates, CMDB presents a tough-brittle transition, with less cavitation and matrix damage induced by matrix deformation, while more RDX particles fracture. Series of simulated results confirm qualitatively the experimental observations, and the obtained stress contours facilitate to validate the observed characteristics and propose reasonable mechanisms.