The dynamic mechanical properties of reactive powder concrete subjected to compressive impacts with high strain rates ranging from 10 to 1.1×102 s−1 were investigated by means of SHPB (split-Hopkinson-pressure-bar) tests of the cylindrical specimens with five different steel fiber volumetric fractions. The properties of wave stress transmission, failure, strength, and energy consumption of RPC with varied fiber volumes and impact strain rates were analyzed. The influences of impact strain rates and fiber volumes on those properties were characterized as well. The general forms of the dynamic stress-strain relationships of RPC were modeled based on the experimental data. The investigations indicate that for the plain RPC the stress response is greater than the strain response, showing strong brittle performance. The RPC with a certain volume of fibers sustains higher strain rate impact and exhibits better deformability as compared with the plain RPC. With a constant fiber fraction, the peak compressive strength, corresponding peak strain and the residual strain of the fiber-reinforced RPC rise by varying amounts when the impact strain rate increases, with the residual strain demonstrating the greatest increment. Elevating the fiber content makes trivial contribution to improving the residual deformability of RPC when the impact strain rate is constant. The tests also show that the fiber content affects the peak compressive strength and the peak deformability of RPC in a different manner. With a constant impact strain rate and the fiber fraction less than 1.75%, the peak compressive strength rises with an increasing fiber volume. The peak compressive strength tends to decrease as the fiber volume exceeds 1.75%. The corresponding peak strain, however, incessantly rises with the increasing fiber volume. The total energy Edisp that RPC consumed during the period from the beginning of impacts to the time of residual strains elevates with the fiber volume increment as long as the fiber fraction is not larger than 2%. It turns to decrease if the fiber volume exceeds 2%. The added fibers make various contributions to enhancing the capability of RPC to consume energy at different loading stages. If the fiber fraction is not larger than 2%, the added fibers make more contribution to enhancing the energy consumption ability of RPC in the period before the peak strain than in the period after the peak strain. The impact strain rate, however, distinctively affects the total energy that RPC consumed and the energy consumed in the different loading periods. The higher the impact strain rate, the more the energy consumed in the stages and therefore the higher the dynamic impact toughness. The empirical relationships of the peak compressive strength, corresponding peak strain, residual strain, total consumed energy and the energy consumed in the varied periods with the impact strain rate and the fiber fraction are derived. Four generalized forms of the dynamic impact stress-strain responses of RPC are formulated by normalizing stresses and strains as the generalized coordinates and by taking account of the influences of impact strain rates and fiber volumetric fractions.