In order to achieve the tactical purpose of “one projectile multi-purpose”, a multi-mode warhead is proposed. The warhead adopts a composite shaped charge structure with high detonation velocity explosives in the outer layer and low detonation velocity explosives in the inner layer. By changing the position of the initiation point, the shape of detonation wave acting on the liner is changed. At the same time, ANSYS/LS-DYNA numerical simulation software is used to study the influence of top wall thickness matching of inner and outer liner on PELE/EFP multi-mode damage element forming and penetration performance. The results show that the PELE/EFP multi-mode damage element can be converted effectively by the shaped charge structure with separator. When the top wall thickness of the outer liner is 0.037CD, the forming and penetration effect of the multi-mode damage element is the best.