In the present study, the effect of ballistic penetration of a spherical projectile on a monocrystalline magnesium specimen is performed using Embedded Atom Method (EAM) potential in Molecular Dynamics (MD) simulation. The dynamic investigation of structural evolution based on common neighbor analyses and Wigner-Seitz defect analysis are carried out for the varying depth of penetration and velocities of the projectile ( v = 2 km/s, 6 km/s, and 10 km/s). It is found that the extent of amorphization in the specimen is more in the case of higher depth and lower projectile velocity. Voronoi cluster analyses are also done to identify cluster distribution and their transformation during ballistic penetration, which is accompanied by atomic strain and displacement vector evaluation to give light to the effect of shear strain and displacement of atoms respectively. According to Voronoi cluster analysis, Voronoi Polyhedra having <0,4,4,6> and <0,6,0,8> exhibits a higher population during hypervelocity projectile penetration. The findings have potential applications in hypervelocity applications such as defense and space technologies.