A theoretical study is presented herein on the perforation of the cone-nosed projectiles against bi-layered laminated composite aluminum alloy foam target. Bi-layered targets were arranged according to the mass density and thickness of foam material. The dynamic cavity expansion theory is applied to formulate analytical model. The perforating process can be divided into 8 stages. The analytical equations during every stage are derived to evaluate the final penetration depth and penetration resistance during the whole perforating process. Penetrating depths, velocity limits and residual velocity of projectile are analyzed. The effect of mass density of target material and the layer thicknesses on the penetration resistance and capacity of absorbing energy are investigated. The results demonstrate that configuration of laminated targets and the initial kinetic energy play important roles during the perforating processes.