Rock fragmentation by high-voltage pulsed discharge (RHPD) is widely utilized in resource recovery and energy extraction due to its low energy consumption and high efficiency. However, observing the plasma development process during RHPD presents challenges, and the frequency dependence of dielectric properties further complicates plasma path prediction and the analysis of fracturing properties in the axial direction of the plasma. To address these issues, we analyzed the development properties of plasma within rocks and established a segmented breakdown criterion that considered the propagation velocity of plasma. Additionally, utilizing a transient electromagnetic field model and a particle flow model (PFM), we established a multi-physics field model and proposed a predictive method for the plasma path in a rock–liquid combination environment. This allows for the quantification of the velocity, potential, and length of the plasma. Furthermore, we computed the time response of shock waves and analyzed the loading mechanism of shock waves. Based on the spatial distribution of plasma, the PFM was applied to simulate the fracturing properties of rocks under shock wave loading. Finally, we established a comprehensive experimental platform for RHPD and conducted three-dimensional reconstructions of the fractured area to validate the accuracy of plasma path prediction methods and fracturing properties analysis. This study significantly advances plasma development theory and provides insights for optimizing rock fragmentation efficiency.