Explosively formed projectile (EFP) is a self-forging shape charged structure having very high penetration ability compared to conventional kinetic energy projectile. The penetration capability of an EFP is strongly dependent on various design parameters. The main parameters can be roughly divided into geometric and material parameters used in the warhead configuration. The present research is an effort to study the effect of metal casing thickness, type of metal used for casing, explosive type, liner thickness, type and configuration on the formation of EFP. Effectivness of an EFP is studied in terms of final velocity and shape of formed penetrator. The study is carried out by performing a number of simulations by using explicit finite element (FE) hydrocode ANSYS/Autodyn.