Multilayer graphene is an exceptional anisotropic material due to its layered structure composed of two-dimensional carbon lattices. Although the intrinsic mechanical properties of graphene have been investigated at quasi-static conditions, its behavior under extreme dynamic conditions has not yet been studied. We report the high–strain-rate behavior of multilayer graphene over a range of thicknesses from 10 to 100 nanometers by using miniaturized ballistic tests. Tensile stretching of the membrane into a cone shape is followed by initiation of radial cracks that approximately follow crystallographic directions and extend outward well beyond the impact area. The specific penetration energy for multilayer graphene is ~10 times more than literature values for macroscopic steel sheets at 600 meters per second.