This paper presents an original experimental study and modeling of the failure under multiaxial loading of a simulant material for plastic-bonded explosives. Measurements were obtained using tension, compression, torsion, channel-die, and triaxial compression tests. The experimental results were plotted, and the failure characteristics of the studied material were analyzed and discussed. Also, microstructural observations were carried out to highlight the initial state of the material and the different damage and failure mechanisms of the material. Two failure criteria from the literature and initially developed for concrete were selected and identified using the obtained experimental data. These criteria show a significant potential to predict the multiaxial failure of energetic materials. A numerical study is conducted at the end to determine the sensitivity of the experimental parameters.