The formative process of explosively formed projectile (EFP) was simulated with the three-dimensional finite element code. The influence of parameters of shaped charge including slenderness ratio of explosive, density of explosive, material of shaped charge cover, initiation way and thickness of case on EFP performance was studied, and the relationship between structural parameters of shaped charge and EFP performance was obtained. Furthermore, an optimum shaped charge of EFP was designed according to the results of numerical simulation and experiments of the shaped charge penetrating concrete targets were conduced. The experimental results show that EFP penetrates the concrete targets with a hole of 6.4 and 0.6 times the size of the shaped charge diameter in depth and in diameter, respectively.