The perforation of composite laminated aluminum foam target against rigid projectiles is studied. The dynamic cavity expansion theory is applied to formulate analytical model and study the perforation resistance of the projectiles. The perforation process can be divided into 11 stages. The perforation resistance expression is derived and applied to analyze the penetration depth of cone-nosed projectiles into the aluminum foam target. The velocity limit and residual velocity are obtained by solving the series of motion equations. The effects of initial velocity, the half-cone angle of the projectile, the density and thickness of each layer on the penetration resistance are investigated. The energy absorption capacity of the composite target material is evaluated.