The elliptical cross-section ogive-nose projectile (ECOP) has recently attracted attention because it is well suited to the flattened shape of earth-penetrating weapons. However, the penetration performance of ECOPs has not been completely understood. The objective of this study was to investigate the pene-tration performance of ECOPs into concrete targets using a theoretical method. A general geometric model of ECOPs was introduced, and closed-form penetration equations were derived according to the dynamic cavity-expansion theory. The model was validated by comparing the predicted penetration depths with test data, and the maximum deviation was 15.8％. The increment in the penetration depth of the ECOP was evaluated using the proposed model, and the effect of the major—minor axis ratio on the increment was examined. Additionally, the mechanism of the penetration-depth increment was inves-tigated with respect to the caliber radius head, axial stress, and resistance.