Sandwich panels due to high strength to weight ratio and energy absorption properties, are widely used in various industries including aerospace industries, marine and automotive industries. Analysis of ballistic resistance of sandwich panels is mainly numerical and experimental, and there are a few analytical models in this field due to mathematical complexities. Hoo Fatt et al. have studied analytically high velocity impact on sandwich panels with composite skins and foam core. Because of the widespread use of sandwich panels with metal face-sheets and foam core in aerospace industry, by modifying the analytical method provided by Hoo Fatt et al. the ballistic resistance of the foam core sandwich panels with metal surfaces impacted by high velocity cylindrical projectile is analytically investigated in this paper. Two types of panels with polymeric and metallic foam cores and aluminum surfaces have been used to assess the accuracy of the analytical method. Results show that the proposed analytical method can predict the residual velocity of the projectiles impacted at high velocities on the foam and metallic core panels with different relative densities of the core.