To study the jet formation and penetration characteristics of the shaped charge with elliptical cross-section， and the influence of the ratio of long axis to short axis at a fixed short axis， DOP （Depth of Penetration） tests at stand-off 80 mm were carried out for shaped charges with elliptical cross-section. The short axis diameter of elliptical cross-section is 56 mm and the ratio of long axis to short axis are 1， 1.5 and 2， respectively. By using ANSYS/LS-DYNA software to construct related finite element models， the jet formation and penetration process are simulated numerically. The results showed that except for the jet head， the rest of jet was cohesionless at the late stage of stretching. The non-condensed part of jet consists of two fluids with lateral velocity symmetrically distributed over the section of long axis. The non-condensation of jet will significantly reduce the penetration ability of the shaped charge with elliptical cross-section. For the shaped charge with a short axis diameter of 56 mm， the penetration depth decreased by 68.3% from 150 mm to 47.5 mm when the ratio of long axis to short axis changed from 1 to 1.5， while no significant change of penetration ability occurred while the ratio of long axis to short axis changed from 1.5 to 2.