In this paper, Autodyn-2D hydrocode is used to investigate the influence of shaped charge parameters on penetration performance. Two different algorithms of Autodyn-2D hydrocode are used to predict the jet penetration depthsinto steel target; they are: i)jetting analyses algorithm, and ii) jet formation and penetration algorithm. To validate the predictions of the present work, Autodyn hydrocode is fed with the data of tested shaped charges with different liner thicknesses. The predicted penetration depths are compared with the corresponding experimental measurements; good agreement is generally obtained. Then, the shaped charge with liner thickness of 1.1mm, that gives the maximum jet penetration into steel target, is selected to study the influence of other different shaped charge parameters on its penetration performance. These parameters include form, material and thickness of liner, standoff distance and type of high explosive material. The influence of each studied parameter is evaluated by comparing the jet penetration performance with that of the selected shaped charge. Samples of the obtained predicted results showing the influence of each shaped charge parameter on jet formation and its penetration depth into steel target are presented and discussed. Four configurations are simulated into Autodyn-2D hydrocode considering the parameters that improve the penetration performance of the selected shaped charge. The obtained predictions result in the replacement of RDX by HMX explosive type and increasing the standoff distance from 29 to 40mm of the selected shaped charge will improve its penetration capability by 28.5%.