The mechanical properties and characterization model of dual phase steel HC550/DP980 under high strain rate were studied, and the mechanical properties of the material at different strain rates were obtained by experiments. Then, the change rules of strength, elongation atter fracture and strength-ductility product were analyzed, and the fracture morphologies of different specimens were compared. Furthermore, the variation law of dynamic increasing factor (DIF) with different strain rates was obtained, and the mathematical model of strain rate change was obtained by fitting. Taking the true stress-plastic strain curve under quasi-static 0.001 s-1 as the benchmark, the optimal epitaxial curve was obtained, and the high strain rate material model was obtained by coupling the epitaxial curve with the DIF mathematical model, and compared with the yield strength and tensile strength obtained by the test. Finally, the accuracy of the established high strain rate model was verified by the drop hammer impact test and simulation model of the anti-collision beam. The results show that dual phase steel HC550/DP980 has a certain strain rate sensitivity. The fracture shows obvious ductile fracture characteristic, and the size, depth and distribution of fracture show different variation rules with the change of strain rate. The key parameter deviation of the material model with the test results obtained by coupling is less than 4%. The change trend of the load-displacement curve of the anti-collision beam impact is consistent, and the deviation of the key parameters is low, indicating that the established high strain rate mechanical model has high accuracy, which provides an analysis method and model reference for such performance simulation.