In the military field, determining how to increase the hole-expanding ability of shaped charge warheads is a key and difficult issue with respect to warhead development. Amorphous alloys have grains or grain boundaries, with unique mechanical properties. Zr41.2Ti13.8Cu12.5Ni10Be22.5 can be used as the liner material of shaped charges, resulting in high-speed particle flows that differ from those of traditionally shaped charges. In this paper, based on the analysis of the mechanical response characteristics of Zr41.2Ti13.8Cu12.5Ni10Be22.5 and its fracture morphology under impact, combined with the formation theory of shaped charge jets, a semi-empirical formula is derived to calculate the velocity of non-cohesive high-speed particle flow considering the elastic strain energy loss. Additionally, the reliability of the proposed theoretical model is verified through experiments. The penetration process of Zr-based amorphous alloy high-speed particle flow into a concrete target is theoretically analyzed, and the penetration stages of the high-speed particle flow into the target are clearly distinguished. Combined with the penetration theory of shaped charge particle jets, a high-speed particle flow penetration model is proposed, and a pore expansion model is established through an energy method. The experimentally obtained data on depth of penetration are in agreement with the theoretical calculation results.