In this study, numerical simulation of the dynamic response of a typical ship bulkhead structure under the combined action of high-speed fragments and shock-wave loading was carried out. With the evaluation criteria based on the structural energy absorption and average residual velocity of fragments, we contrast and analyze the shock damage characteristics of the ship bulkhead structure under the shock-wave load, high-speed fragments, and the combined load. The results indicate that the combined action of shock-wave load and high-speed fragments can enhance the shock damage effect, differently from a simple superposition of the two load effects.