Cemented backfill (CTB) in mining operations is frequently exposed to blasting-induced dynamic disturbances. These disturbances compromise CTB stability. This study employed split Hopkinson pressure bar (SHPB) tests, scanning electron microscopy (SEM), and high-speed imaging to characterize dynamic mechanical response and failure modes of CTB. The results showed that dynamic compressive strength (DCS) increased with impact load. However, damage severity also increased with load. High-speed imaging of crack evolution yielded fractal dimensions between 0.5 and 1.3. Higher fractal dimensions correlated with more extensive macroscopic cracking and greater CTB damage. They also indicated an increased probability of CTB failure and loss of load-bearing capacity. Microstructural observations identified ettringite (AFt) and C-S-H gel as the principal hydration products that provided cohesion and strength. However, pervasive microcracks and micropores accounted for the CTB’s low inherent strength. The findings suggest that reducing dynamic loads during mining operations can mitigate damage to CTB.