This paper develops a Parametrically Upscaled Continuum Damage Mechanics (PUCDM) model for carbon fiber/epoxy matrix composites subjected to high strain-rate loading. The PUCDM model for predicting high strain-rate induced deformation and damage evolution at the macroscopic scale, explicitly incorporates microstructural morphology and micro-inertia in its constitutive coefficients. It is developed using self-consistent homogenization that uses a concurrent multiscale model to account for the effect of micro-inertia and stress wave interaction with the microstructure. The concurrent model embeds a statistically equivalent representative volume element (SERVE) of the microstructure in an exterior domain, whose constitutive and damage response are described by the PUCDM model. Micromechanical modeling for the composite microstructure involves a unified cohesive zone enhanced phase-field damage model for fiber-matrix interface debonding, fiber breakage, and matrix cracking. The PUCDM model parameters for the upscaled domain are determined through micro-macro-scale energy equivalence, along with traction reciprocity and displacement continuity at the SERVE-exterior domain interface that are enforced using a Lagrange multiplier-based approach. Simulations using the concurrent model analyze stress wave propagation and damage evolution in composite microstructures with three different fiber volume fractions at multiple strain rates in the range of 102 − 105s−1. The fiber volume fraction and spatial distributions affect the overall stiffness and damage evolution in the PUCDM model. Results of the analysis demonstrate the need for representation of micro-inertia, strain rates and microstructure morphology in the PUCDM-based stiffness and damage model parameters for high strain-rates above (Formula presented.). © The Author(s) 2022.