Rock failure phenomena are accompanied by abundant energy variation, and the energy dissipation can explain the dynamic mechanical characteristics of the rock. In this study, a series of granite specimens (a total of 60) with different aspect ratios were dynamically loaded by a split Hopkinson pressure bar (SHPB) to explain the energy dissipation and the rock-crushing degree under dynamic load. A new index, namely energy time density (wtd), is proposed to evaluate the energy dissipation considering the time factor. The relationships between strain rate, energy time density, and specific energy absorption are analyzed. A metric (Ku) is defined to describe the degree of rock fragmentation quantitatively. The correlations of fractal dimension and Ku with different impact pressures are compared. It was concluded that there is a noticeable peak point in the energy time density curve. The energy time density of the stress equilibrium point is three times that of the peak point. The energy time density declines after the peak point, then the energy consumption density tends to be stable. The linear relationship between strain rate and peak point energy time density is stronger. The new index can describe energy dissipation well under dynamic loading. In addition, the experimental results indicate that the degree of crush Ku can describe the degree of crush, and the effect of fractal dimension to quantify the fracture characteristics of the rocks is less good in this test. The crushing degree of rocks increases with the increase of strain rate. Furthermore, the prediction effect of energy time density is better than that of strain rate about Ku.