Abstract: Bullet core is the main projectile of armor piercing bullet, so the piercing power of armor bullet is directly decided by fabrication of bullet core materials, and the forming and process of armor penetration of bullet core. Bulk metallic glass matrix composite with excellent adiabatic shear self-sharpening property and non-toxic nature are taking the place of tungsten heavy alloys and depleted uranium alloys in the manufacturing of bullet core. In this paper, the research status of three phases of bulk metallic glass matrix composite bullet core from material selection of matrix and reinforcement to plastic forming of bullet core and process of armor penetration of bullet core are summarized. The ways to improve armor piercing power are proposed based on the researches on the three phases at home and abroad.