In order to cope with the continuous progress of tank protection technology, it is imperative to optimize and improve the ability of existing armor-breaking warheads. This paper mainly introduces the development history of explosive reactive armor, shaped charge jet formation theory, shaped charge jet penetration theory, armor-breaking warhead technology, series armor-breaking warhead technology and research status of armor-breaking/killing compound warhead technology. Finally, the development trend of armor-breaking warhead in the future is described, in order to provide some enlightenment for the design and improvement of armor-breaking warhead in the future.