A theoretical study is presented herein on the penetration of the laminated composite aluminum alloy foam target struck normally by conical-nosed projectiles. Two layers were arranged according to the density of the respective foam; configuration 1 consisted of 10mm/semi-infinite continuous foams and configuration 2 consisted of 20mm/ semi-infinite continuous foams. The dynamic cavity expansion theory is applied to formulate analytical model. The penetrating process can be divided into 6 stages. The resistance equations during every stage are derived. Penetrating depth of projectile are analyzed. The effect of initial velocity, mass density of foam material and the thickness of the upper layered foam on the penetration resistance are investigated. It is found that composite target have a higher penetrating resistance than the monolithic foam material target of equal mass. The analytical results show that configuration 1 outperformed configuration 2 in regards to their penetrating resistance. The thickness of the upper layered foam within 5-20mm has significant influence on penetrating depth. The energy absorption capacity of the composite target material is evaluated.