This work investigated the ballistic performance of CFRP laminates with different thicknesses using a ballistic gun testing apparatus. By combining high-speed camera and recovered target plates, the failure mechanisms of CFRP laminates under high-velocity impact were revealed. The results showed that due to the combined action of compressive and shear loads, fiber fracture, matrix crushing, and splitting along the fiber direction mainly occurred on the impact face of the target plate. The back face of the target plateprimarily appeared fiber fracture and delamination failure under tensile loading condition. When the projectile impact velocity exceeds the ballistic limit, the energy absorption value of the target plate becomes relatively flat, and the average energy absorption and the ballistic limit of CFRP laminates of the target plate increases with the increase of plate thickness. The rigid projectile perforation model by Chen & Li can predict the ballistic performance of spherical projectiles impacting CFRP laminates at high velocity well. Furthermore, it’s better to match the theoretical prediction model of the target plate inertia effect and the experimental data.