In order to study the effect of strain rate effect on the simulation precision of fiber reinforced composites, the dynamic enhancement factor (DIF) was introduced to modify the modulus and strength of the composite, and the modified Hashin failure criterion was used to establish a three-dimensional progressive damage constitutive model of composite materials which could consider the strain rate effect. The model is embedded into the Abaqus software by VUMAT subroutine, and the simulation of the projectile penetrating the fiberglass reinforced composite laminates is carried out. The simulation results are compared with the experimental results and the constitutive model simulation results without considering the strain rate effect. The results show that the constitutive model with strain rate established in this paper can accurately simulate the process of projectile penetrating the laminates. Compared with the simulation results without strain rate, the accuracy is increased in the model with strain rate, respectively by 14.1% at the penetration speed of 1.8 m/s and by 22.7% at 3 m/s. The errors, between the simulation results of without strain rate and that of the experiments, are increased with the increase of penetration speed, and increase from 28.7% of 1.8 m/s to 36.9% of 3 m/s. The simulation error of constitutive model with strain rate is relatively stable.