This study focuses on the dynamic compression performance of corroded steel fiber-reinforced concrete (SFRC) exposed to drying–wetting chloride cycles by a 37 mm diameter split Hopkinson pressure bar (SHPB) system. Three steel fiber contents (0.5%, 1.0%, 2.0%, by volume) were incorporated into concrete, and samples were subjected to drying–wetting cycles for different corrosion durations (30 days, 60 days, 90 days) after 28 days age. The sample damage mode, stress–strain curve and the dynamic compression performance of corroded SFRC were compared with plain concrete. Through the experimental data, strain-rate effect, fiber reinforcement effect and the corrosion duration influence on the impact compression property of SFRC were identified. The dynamic increase factor results of these samples were compared with the existing models in previous published literature. An empirical dynamic increase factor profile characterization model considering fiber content, corrosion duration and strain-rate is proposed.