<p>As deep rock blasting extends to greater depths, understanding the dynamic mechanical behavior of water-bearing rocks under high-strain-rate loads is crucial. To address the knowledge gap regarding their fracture mechanisms, this study systematically investigates the mechanical properties and failure characteristics of limestone under high-strain-rate loads (simulating impact and blasting) through a combination of laboratory split Hopkinson pressure bar (SHPB) dynamic tests and LS-DYNA explicit dynamic numerical simulations. The results show that under high-strain-rate loading, the stress–strain curves of the rock exhibit a typical three-stage evolution, and the specimens display pronounced brittle fracture. The reflection and transmission of stress waves at the specimen interfaces confirm that a state of dynamic stress equilibrium is achieved during testing. As the impact energy (controlled by air pressure) increases, the degree of fragmentation also increases significantly, as evidenced by a reduction in average fragment size and an increase in the number of fragments. The numerical model, validated against experimental data, demonstrates strong reliability and predictive capability. It provides an effective tool for systematically obtaining the dynamic mechanical parameters of rocks at high strain rates and for further investigating their strain response mechanisms.</p>