To demonstrate the importance of incorporating Lode angle into fracture criterion in predicting the penetration resistance of high-strength steel plates, ballistic tests of blunt-nosed projectiles with a diameter of 5.95 mm impacted 4 mm thick Weldox 900 E steel plates were conducted. Impacting velocity range was 136.63~381.42 m/s. The fracture behavior and the ballistic limit velocities (BLVs) were obtained by fitting the initial-residual velocities of the projectiles. Subsequently, axisymmetric finite element (FE) models parallel to the tests were built by using Abaqus/Explicit software, and the Lode-independent Johnson–Cook (JC) and the Lode-dependent ASCE fracture criterion were incorporated into the finite element model for numerical simulation. Meanwhile, to verify the sensitivity of the mesh size in the numerical simulation, different mesh sizes were used in the shear plug area of the target. It can be found that Weldox 900 E steel has obvious mesh size sensitivity by comparing the experimental results and numerical simulation, and the JC fracture criterion and the ASCE fracture criterion predicted similar BLV for the same mesh size.