The physical action of simulated bullet penetrating target board is a research on the material physical property under High Temperature and High Pressure (HTHP) environment caused by strong shock wave. Its mechanical action is very complicated. The nonlinearity dynamics software of AUTODYN-2D/3D is adopted as a simulation platform. The each variable is analyzed one after another. The influences of variables on kinetic bullets penetrating ability are studied by changing only one variable. Numerical simulation researches have been conducted on the physical action of simulated bullet penetrating target plate. The impact rules of shear modulus, yield strength, regular pattern of hardening constants, and hardening exponent on penetration depth are obtained. Numerical simulation results indicate that the impact of shear modulus on penetration depth is not obvious. However, the impact of yield strength on penetration depth is most notable. When the yield strength of projectile body materials less than or equal to the yield strength of target board materials, projectile bodies would seriously deform instead of penetrating the target board. Both rigidification constant and rigidification index have a quite big affect on penetration depth. The penetration depth is proportional to rigidification constant. However, when rigidification index has reached at a certain value, the changes of penetration depth tend towards stability. At this time, penetration depth and rigidification index are inversely proportional to each other.