As a typical rock, shale’s reservoir depth is about 1500–4000 m, and the temperature of the shale reservoir at this depth is 150 °C. Therefore, in order to study the dynamic strength of shale at this temperature, it is necessary to consider the effects of temperature and strain rate on the dynamic strength of shale, and then establish the damage constitutive model of shale. This paper took black shale from the Sichuan Basin as the research object, combined it with the separated Hopkinson bar experiment and temperature control system, and conducted the Hopkinson bar experiment on shale at room temperature, 60 °C, 90 °C, 120 °C, and 150 °C, and at three groups of air pressures of 0.2 MPa, 0.3 MPa, and 0.4 MPa. The stress–strain curves of shale at the same strain rate and different temperature and at the same temperature and different strain rate were obtained. In the temperature difference range of this experiment, the dynamic strength of the sample presented two opposite trends (increasing and decreasing) with the increase in temperature, which was determined via the direction of the bedding. The peak strength linearly increased with the increase in strain rate. Based on the Weibull statistical distribution and the D–P failure criterion, a statistical damage constitutive model of shale dynamic strength considering the effects of temperature and strain rate was obtained. By modifying the parameters F0 and m, the dynamic strength statistical damage constitutive model of shale was in good agreement with the experimental results.