An experimental study was performed to investigate the fragment distribution, fractal dimension, and energy dissipation of stabilized soil subjected to impact loading. Dynamic uniaxial compression tests on cement–fly ash–stabilized soil with different sand contents ($S=0\%$ , 8%, 16%, and 24%) were conducted using a 50-mm-diameter split Hopkinson pressure bar (SHPB) under 0.3, 0.4, and 0.5 MPa gas pressures. Then the experimental results were analyzed on the basis of fractal theory and energy dissipation principles. Experimental results showed that the average size of broken fragments decreases rapidly as the gas pressure increases from 0.3 to 0.5 MPa. In addition, the average size of broken fragments also indicates a decreasing trend with increases in sand content. The distribution of broken fragments obtained from SHPB tests has a fractal characteristic. The fractal dimension of impact fragmentation exhibits an increasing trend with increasing sand content, and it increases linearly when the gas pressure increases from 0.3 to 0.5 MPa. Moreover, the dynamic compressive strength can be enhanced significantly by adding 8% sand to stabilized soil, and the dynamic compressive strength of stabilized soil increases in a quadratic function with increases in fractal dimension. Based on energy dissipation analysis, it is easily observed that the energy dissipation density linearly increases with increases in gas pressure; moreover, it first increases and then decreases as the sand dosage increases from 0% to 24%. The addition of 8% sand is regarded as the optimum content to obtain a preferable energy absorption capability of stabilized soil with sand. In addition, with an increase in the fractal dimension, the energy dissipation density presents a logarithmically increasing tendency. The greater the energy dissipation density, the more efficiently the cracks propagated and became connected, the more severe the impact fragmentation, and the larger the fractal dimension obtained. Finally, an empirical equation is proposed to further describe the variations of energy dissipation density versus fractal dimension and dynamic compressive strength.