This paper employed finite element method (FEM) to study the dynamic response of Steel Fiber-Reinforced Concrete(SFRC) panels subjected to impact loading by spherical projectiles. The material properties and non-linear stress-strain curves of SFRC were obtained by compression test and flexural test. Various parametric studies, such as the effect of fiber volume fraction and thickness of panels, are made and numerical analyses are compared with experiments conducted. It is shown that protective performance of concrete panels will be improved by adding steel fiber. Area loss rates and weight loss rates are decreased with increasing fiber volume fraction. Also, penetration modes can be expected by FEM, showing well agreement with experiment. Results can be applied for designing the protection of military structures and other facilities against high-velocity projectiles.