The objective of this study was to study the penetration characteristics of tungsten alloy fragments on PCrNi3MoV target plates. Specifically, the penetration of square tungsten alloy fragments of gun steel target plates of different thicknesses were studied using a ballistic gun launching device. Based on the ballistic test results, the relationship between the bulge height of the target plate and the kinetic energy of the fragments was obtained, and the failure mode and process of the tungsten alloy fragments penetrating the steel target were analyzed. Then, the variation on the bulge height of the target plate with the kinetic energy of the fragments was obtained using dimensional analysis. The prediction results were consistent with the test results, and thus, the prediction model can be used in practical applications.