Punch loading is a loading scenario to study the fracture mechanism of materials at low strain rates. In this paper, three punch loading experimental patterns were chosen for the study of compressional punch loading. A polymer bonded explosive (PBX) simulant was experimentally studied using the digital image correlation (DIC) method. The displacement and strain fields were obtained and the fracture behavior and failure mechanisms of samples were investigated under different punch loading conditions. Moreover, scanning electron microscope (SEM) was used to examine the region of the plastic flow and the damage in the material. The formation of slip bands, shear displacement and fracture of the hard phase particle, were observed on the boundary of the dead zone due to the large shear strains.