Abstract The whole process of formation, flying and penetration of explosively-formed projectile (EFP) is simulated by a 3D coupled hydrocode of Ls_dyna. The caliber of the shaped charge is 60 mm and EFP is a kind of overturned shaped charge. The Arbitrary Lagrangian–Eulerian (ALE) method is adopted to consider the fluid–solid coupling problem. The velocity attenuation equation is fitted to forecast the flight distance of EFP. The penetration property of EFP to the armor plate is studied by similarity theory and numerical simulation. For validating the equation, a test is designed to study the residual velocity after penetrating a 25 mm thick steel plate from a distance of 48 m. Therefore, some important solutions are obtained from the comparison of the simulation and experiment. The solutions are optimized charge structure of EFP, the ideal shape of projectile, the attenuation rule of flight process and the penetration property after 48 m flight. The numerical solution fits the experimental data well and the study results provide important reference to the design of EFP in engineering.