To investigate energy dissipation and particle size distribution of rock under dynamic loads, a series of dynamic compression tests of granite specimens were conducted using a conventional split-Hopkinson pressure bar (SHPB) device with a high-speed camera. The experimental results show that the dissipated energy increases linearly with an increasing incident energy, following two different inclined paths connected by a critical incident energy, and the linear energy dissipation law in the dynamic compression test has been confirmed. This critical incident energy was found to be 0.29–0.33 MJ/m3. As the incident energy was smaller than the critical incident energy, the rock specimens remained unruptured after the impact. When the incident energy was greater than the critical incident energy, the rock specimens were ruptured or fragmented after the impact. In addition, the experimental results indicate that the dissipated energy and energy consumption ratio of a rock specimen, either unruptured or fragmented, increase with an increasing strain rate. Furthermore, it was found that fragment sizes at each mesh decrease with an increasing incident energy; that is, fragmentation becomes finer as incident energy increases.