To study the influence of the thickness effect on the impact performance of ZK61m magnesium alloy plate, the influence of ogival projectile on the impact performance of magnesium alloy plate of different thicknesses is analyzed through experiments and numerical simulations, the ballistic limits and failure modes of different thicknesses of the punch target plate are obtained. The velocity of the plug is analyzed by introducing the extruded chisel block velocity model. The experimental results show that the ballistic limit value of the target plate in a specific thickness interval (7 ∼ 11 mm) increases slowly with the increase of its thickness, and the failure mode is dominated by the shear punching failure and accompanied by the tensile failure. The plugs formed in the experimental process are consistent with the extruded chisel block velocity model. Numerical simulation results show that the MJC fracture criterion predictions deviate from the experimental results due to the overestimation of the material ductility, while the Lode parameter dependent MMC fracture criterion, which can better predict the ballistic behavior and failure modes of the target plate.