The finite element model (FEM) for tungsten alloy penetrating Q235 steel plate with a high speed has been built up by adopting LS-DYNA software, and the velocity and the evolution process of deformation, damage and failure for tungsten alloy projectiles during the penetrating process has been acquired. The effects of the properties of tungsten alloy on the penetrating process have been studied systematically. The result shows that the density, yield strength and fail strain have important effects on the velocity and failure, but the hardening parameter and the strain rate factor only have a minor effect. This study is helpful to the understanding of penetrating process of tungsten alloy, and a theory reference is also provided for making tungsten alloys with better penetrating properties.