In order to study the energy evolution and fracture characteristics of sandwich composite rocks under impact loads, six sets of sandwich composite rock specimens were created using three materials: sandstone, marble, and granite. Dynamic fracture impact tests were then conducted using the Hopkinson pressure bar system to analyze crack propagation morphology, stress wave waveform characteristics, crack tip stress field, and energy loss relationship. The DLSM simulation results were also used to analyze the propagation law of stress waves and the evolution process of kinetic energy during dynamic fracture processes. The results showed a good fit between the dynamic fracture process captured by high-speed cameras and the crack propagation process simulated by DLSM. It was observed that the occurrence of cracks depends on the failure of weak bedding planes. Under the same impact conditions, the lower the strength of the weak bedding planes, the shorter and more advanced the crack propagation time, and the more energy is used for crack propagation. Additionally, under the same incident energy conditions, using a specimen with higher hardness as the impact end material results in a stronger reflection effect, greater reflection energy, weaker transmission effect, smaller transmission energy, and greater energy dissipation of the specimen. The bedding plane was found to have a significant hindering effect on the propagation of stress waves.