To clarify the potential failure modes of reinforced concrete (RC) beams under impact and understand their impact resistance safety, a comprehensive study was conducted by focusing on the failure mode discrimination and failure probability of RC beams under impact loads. This research utilized drop hammer impact tests, ABAQUS2022 software, and theoretical methods. The study examined three typical failure modes of RC beams under impact loads: flexural failure, flexural-shear failure, and shear failure. A discrimination criterion based on the flexural-shear capacity–effect curve was developed. Utilizing this criterion, along with the basic principles of structural reliability theory, the failure probability of RC beams under impact loads was calculated and analyzed using the Monte Carlo method. The results indicate that the criterion based on the flexural-shear capacity–effect curve can be used for discriminating failure modes of RC beams under impact loads. The impact velocity and stirrup ratio were identified as crucial factors that influenced the failure modes of RC beams under impact. Specifically, an increase in the stirrup spacing reduced the reliability of the RC beams under impact, while an increase in the stirrup ratio could significantly enhance their impact resistance. Furthermore, with a constant impact energy, an increase in beam span correlated with the improved reliability of RC beams under impact, where larger spans yielded a better impact resistance.