A numerical study is conducted using the improved continuum‐based discrete element method (CDEM) to investigate the effect of holes on the dynamic fracturing of multi‐flawed rocks. The specimen geometries contain a perpendicular crack‐like flaw, a hole‐like flaw, and an inclined crack‐like flaw. A fracture model is implemented into the improved CDEM that combines the nonlinear pressure‐dependent shear strength and tensile strength of rocks. The digital image correlation method combined with ultra‐high‐speed photography is applied in a split Hopkinson pressure bar system to verify the accuracy of the proposed model. The experimental results show that the improved CDEM accurately reproduces dynamic crack behavior in rocks. The simulation results show that hole‐like flaws significantly affect crack behavior compared with the two investigated crack‐like flaws. However, this effect gradually weakens with increasing loading stresses. This study provides important insight into the dynamic fracturing of multi‐flawed rocks.