Composites are very sensitive to the load in the direction of thickness, especially out-plane low velocity impact (LVI). In this article, the detailed failure mechanisms of composite laminates with four material systems (CCF300/Epoxy, CCF300/Bismaleimide, CCF800/Epoxy, and CCF800/Bismaleimide) under the loading of LVI and compression after impact (CAI) were studied by experiment and finite element analysis. In finite element model, a newly proposed multi-scale failure criterion (MMF3) and cohesive elements are used to determine the intralaminar damage and interlaminar delamination, respectively. Through experiment and finite element analysis, it can be concluded that the damage tolerance performance of epoxy resin composites are better than that of bismaleimide resin composites, and the damage tolerance performance of CCF300 carbon fiber composites are better than that of CCF800 carbon fiber composites. The proposed multi-scale failure analysis method can effectively simulate the impact and CAI damage process of composite laminates.