This paper presents an experimental study on the dynamic strength of concrete by using a split Hopkinson pressure bar. The stress–strain relationship and fragmentation degree of concrete were analyzed. The change process of the incident energy, reflection energy, transmission energy and consumption energy of concrete was calculated. The corresponding relationship between the variation of each energy and the stress state of concrete was studied. The law of energy evolution during the concrete fracture process was determined and the mechanism of concrete dynamic strength increase was revealed from the perspective of energy. The results show that the higher the strain rate, the higher the fragmentation degree of concrete, the smaller the grain diameter of fragments, the easier cracks are to pass directly through the aggregate, and the more regular the fragment shape. The change process of increasing amplitude of concrete consumption energy can reflect four mechanical states of concrete: stress increase, stress slow releasing, stress rapid releasing, and return-to-zero stress. Since the increase in reflected energy does not increase immediately with the increase in strain rate, it leads to the hysteresis of energy release in concrete, resulting in an increase in the dynamic strength of concrete.