This paper presents an experimental study and theoretical analysis on the penetration behavior of a tungsten-alloy long-rod projectile into a concrete target with an impact velocity ranging from 900 to 1,700 m/s. Different penetration regimes are investigated in the experiment in order to have a better understanding of the penetration mechanism of tungsten-alloy projectiles with different impact velocities. The state of the projectiles during penetration and damage parameters of residual projectile and targets are analyzed. Penetration models during abrasion and deforming stages are modified by taking into account of the coupling effects of abrasion, deforming, and shape evolution. Furthermore, the model during the eroding penetration stage is improved to describe the penetration process by considering shape evolution and deforming characteristics of the projectiles. Finally, the improved models are validated against the corresponding experimental results. The results indicate that the crater depth, diameter, and volume of a target are proportional to the impact velocity and impact kinetic energy, separately. The abrasion and deformation of the projectile have a great influence on its penetration process, which cannot be ignored. The calculated depth of penetration (DOP) with different velocities is well-correlated with the experimental results. Residual projectile after erosion penetration still has a greater penetration ability to the concrete target and contributes a larger proportion in the penetration depth.