Abstract: Based on experiment and numerical analysis，the penetration process of ceramic/metal target of armour-piercing projectile (APP) is divided into two stages, from which the kinetic energy loss of APP during penetrating the ceramic plate, and the energy dissipation of adhesive layer and metal plate are obtained respectively. An analytical model for limit velocity is established, the results from which are in good agreement with published experimental results. The energy dissipation mechanisms are discussed based on the present model. The results show that the main mechanism of energy dissipation is the energy dissipated by the backing plate and the kinetic losing of projectile mass due to its smashing, which are about 60%―95% and 5%―40% of the initial kinetic energy respectively.