The EPS concrete with 10%，20%，30%，40%，50% EPS volume fraction were prepared. Taking critical strain as the index, the deformation property of EPS concrete with different EPS volume fraction under impact loading were studied using a 100-mm-diameter split Hopkinson pressure bar(SHPB) apparatus. The results show that the deformation property of the EPS concrete increases with the average strain rate for the strain rate effect, which takes on obvious strain rate dependency. For the EPS microscopic structure effect, the deformation property of the EPS concrete increases with the EPS volume fraction in 0~40%. Its deformation property reduces somewhat when the EPS volume fraction reaches 50%. To improve the deformation property, the optimum volume fraction of EPS is 40%.