Even though fiber reinforced polymer (FRP) has been widely used as a retrofitting material, the FRP behavior and effect in FRP retrofitted structure under blast loading, impulsive loading with instantaneous time duration, has not been accurately examined. The past studies have focused on the performance of FRP retrofitted structures by making simplifications in modeling, without incorporating accurate failure mechanisms of FRP. Therefore, it is critical to establish an analytical model that can properly consider the specific features of FRP material in evaluating the response of retrofitted concrete structures under blast loading. In this study, debonding failure analysis technique for FRP retrofitted concrete structure under blast loading is suggested by considering FRP material characteristics and debonding failure mechanisms as well as rate dependent failure mechanism based on a blast resisting design concept. In addition, blast simulation of FRP retrofitted RC panel is performed to validate the proposed model and analysis method. For validation of the proposed model and analysis method, the reported experimental results are compared with the debonding failure analysis results. From the comparative verification, it is confirmed that the proposed analytical model considering debonding failure of FRP is able to reasonably predict the behavior of FRP retrofitted concrete panel under blast loading.