In this paper an analytical model for investigating of the ballistic impact behavior of two dimensional woven E-glass/epoxy composites is presented on the basis dividing the impact duration to several time intervals and calculating the energy absorbed during each time interval. The major components of energy lost by projectile during ballistic impact are identified, namely the cone kinetic energy formed on the back face of the target, the secondary yarns deformation energy, the tensile failure energy of primary yarns, the delamination and matrix cracking energy. It is assumed that the shear plug formation is not observed for glass reinforced composites and the energy lost in overcoming the frictional force between projectile and composite is negligible. Analytical formulations have been presented for calculating energy absorbed by each mechanism in each time interval. Finally, a good correlation has been observed, comparing the analytical model presented in this paper to the experimental results presented by others investigators.