To improve the survivability of an armored fighting vehicle, vulnerabilities should be analyzed and improved. To analyze the vulnerabilities, shooting real missiles to an armored fighting vehicle is required, but it is impossible due to high cost and riskiness. In order to overcome such constraints, this thesis proposes the modeling and simulation methods. This thesis uses SES/MB framework for modeling armored fighting vehicles consisting of various components. Additionally, the thesis proposes the method to simulate the vulnerability of the armored fighting vehicle by adopting DEVS formalism. This thesis identities whether components of the armored fighting vehicle are penetrated or not by penetration formular according to component types. Also, It analyzes the vulnerabilities with component state changing which considers the relation of position by criteria of side hit. After that, vulnerability of the armored fighting vehicle are analyzed based on importance of damaged components.