Study on the deformation and failure of fiber reinforced polymer composite (FRPC) strip under ballistic impact provides insight into the perforation mechanism of the larger-scale composite laminate. In this work, a reverse-ballistic impact experimental technique was adopted to impact a FRPC strip onto a stationary projectile. The time-resolved penetration load was recorded by using a force transducer placed behind the projectile. The real-time mechanical behavior of the entire composite strip was captured by a high-speed camera. Different failure mechanisms were observed at various impact velocities and the critical velocity of the composite strip was identified. Additional experiments were performed to recognize the deformation and failure of the composite strip upon impact by a 4X objective lens which focused on the frontier of the projectile. Four types of FRPCs were manufactured and investigated, using two impact-resistant matrixes, as commercialized SC-15 and newly developed ductile mPRS modified TGDDM-Jeffamine® D230 matrix with high toughness, reinforced by two high-performance fibers typically applied for armor structures, including S-Glass and Aramid (Kevlar®) fiber. The effect of the projectile geometry on the failure of the composite strip was also studied via using the Right Circular Cylinders (RCCs) and razor blades. Post-fracture images obtained by a Scanning Electronic Microscope (SEM) supplies further information about failure surfaces of the fiber and matrix.