The molding process and service temperature can affect the ballistic resistance of ultra-high molecular weight polyethylene (UHMWPE) laminates. In this study, three different molding processes were used to obtain three types of UHMWPE laminates, and their ballistic resistance was tested using 7.62 mm × 54 mm mild steel core bullets. The laminates were tested at different temperatures: −50 °C, room temperature, and 70 °C, with a molding temperature of 130 °C and a molding pressure of 25 MPa. Simulation models were established for different processes and test temperatures. Combining experimental and simulation models, a systematic analysis was conducted on the ballistic resistance, damage patterns, damage processes, and deformation processes of the UHMWPE laminates. The results showed that the molding pressure and temperature had a significant impact on the energy dissipation capability and damage forms of the panels. The laminates prepared at a molding temperature of 130 °C and a molding pressure of 15 MPa exhibited the best energy dissipation capability. Increases in interlaminar bonding strength and flexural strength of the UHMWPE laminates helped to reduce the internal damage volume and back bulge height. The damage volume and back bulge height of the material were found to be unrelated to its energy dissipation capability, which was primarily associated with the laminate's intrinsic strength. Enhancing the interlaminar strength of the material aided in increasing the laminate's resistance to the projectile, causing severe deformation of the core projectile's head.