Coal seam drilling is a simple, economical, and effective measure commonly used to prevent and control rock burst. Following rock burst, coal exhibits significant dynamic characteristics under high strain-rate loading. Our purpose was to determine the physical processes associated with impact damage to drilled coal rock, and its mitigation mechanism. An impact test was carried out on prefabricated borehole coal specimens, and the impulse signals of the incident and transmission rods were monitored. The crack initiation, expansion, and penetration of coal specimens were video-recorded to determine the mechanical properties, crack expansion, damage modes, fragmentation, and energy dissipation characteristics of coal specimens containing different boreholes. The dynamic compressive strength of the coal specimens was significantly weakened by boreholes under high strain-rate loading; the dynamic compressive strength and the dynamic modulus of elasticity of coal rock showed a decreasing trend, with increasing numbers of boreholes and a rising and decreasing trend with increasing borehole spacing; the number and spacing of boreholes appeared to be design parameters that could weaken coal–rock material under high strain-rate loading; during the loading of coal and rock, initial cracks appeared and expanded in the tensile stress zone of the borehole side, while secondary cracks, which appeared perpendicular to the main crack, expanded and connected, destroying the specimen. As the number of boreholes increased, the fractal dimension (D) and transmission energy decreased, while the reflection energy increased. As the borehole spacing was increased, D decreased while the reflective energy ratio decreased and increased, and the transmissive energy ratio increased and decreased. Drilling under high strain modifies the mechanical properties of impact damaged coal rock.