The strain rate effect significantly influences the dynamic mechanical behavior of reinforcing steel under impact loads. To investigate the effect of strain rate on the dynamic mechanical behavior of reinforcing steel, this study conducts dynamic compression tests on four types of reinforcing steel using a Split Hopkinson pressure bar. The results show that there is a significant strain rate effect on the reinforcing steel when the strain rate reaches 103–104 s−1. The experimental results are analyzed using the Johnson–Cook model (J–C model), and the original model is modified based on the error between the model predictions and the experimental results. The results indicate that the modified J–C model, which includes an enhanced strain rate effect term, better predicts the dynamic mechanical behavior of reinforcing steel at ultrahigh strain rates.