For the purpose of studying the dynamic properties of lightweight aggregate concrete, dynamic performance tests under uniaxial compression were conducted by considering 10 different strain rates ranging from 10−5/s to 10−1/s, from which the stress-strain curves under various compressive loads were obtained. From the stress-strain curves, parameters including peak stress, peak strain, and elastic modulus of lightweight aggregate concrete, as well as the concrete failure mode, were determined and examined. By reviewing the relevant literature on ordinary concrete, the dynamic properties of lightweight aggregate concrete were analyzed accordingly. Meanwhile, by applying the dynamic elastoplastic damage constitutive model, the effect of dynamic rate on lightweight aggregate concrete was calculated. The experimental results showed that the damage mode of lightweight aggregate concrete under the static and dynamic strain rates belonged to shear failure, which is different from that of ordinary concrete (binding material failure). On the other hand, it was also found that the peak stress and elastic modulus of lightweight aggregate concrete could be increased by 54.48% and 28.75%, respectively, with the increase of strain rate, suggesting that the loading strain rate has a stronger influence on lightweight aggregate concrete than on ordinary concrete. Based on the experimental data, both the peak stress and nondimensionalized elastic modulus are in linear relationship with the logarithm of the nondimensionalized strain rate. Moreover, the established constitutive model had been verified as an effective and reliable tool for simulating the dynamic rate effect of lightweight aggregate concrete.