In industrial processes, piercing and trimming are essential because composite structures are usually manufactured in a near-net shape to reduce machining operations. Punching and shear cutting using out-of-plane shear loading are expected to increase productivity. Nevertheless, little is known about the effects of such operations on polymer-matrix composites. This study presents on the characterization of piercing damage in typical carbon fiber reinforced plastic (CFRP) cross-ply laminates [0°2/90°2]s after punching using quasi-static (QS) and drop-weight impact (DWI) loadings. During QS punching, the upper and lower ply interfaces delaminate due to the high shear stress to cut fibers and gradual shear deformation in the middle ply; however, during DWI punching at a low impact velocity, delamination of the lower ply interface can be reduced due to the localization of shear deformation, as compared to that in QS punching. Finally, the damage accumulation process during DWI punching is discussed.