A series of numerical modeling and simulations were conducted for dynamic responses of a fluid-filled storage tank subjected to impact loading resulting from a high-velocity projectile. The focus of the study was placed on two phases. The first phase examined the structural response during the impact period without penetration while the second phase investigated the period of a projectile traveling through a fluid medium inside the storage tank. Some parametric studies were conducted to understand the dynamic responses of the structure. The parameters considered were the fluid filling level in the storage tank, fluid density, tank material properties, and projectile mass and velocity. Understanding what parameters would result in most severe damage to the structure can lead to improved design of storage tanks and proper protection against any potential incident.