Quasi‐static uniaxial compression experiments were conducted on a polymer‐bonded explosive (PBX) simulant. At macro‐scale, the deformation and fracture process of samples were recorded using a charge‐coupled‐device camera. Microscopic examination was conducted to in situ observe the deformation and fracture processes of samples using SEM equipped with a loading stage. Microscopic damage modes, including interfacial debonding and particle fracture, were observed. The digital image correlation (DIC) technique was used to calculate the recorded images, and the macro‐ and micro‐scale displacement and strain fields were determined. Crack initiation, crack propagation, fracture behaviour and failure mechanism of samples were studied. The effects of aspect ratios on fracture behaviour and failure mechanism of PBX simulant were analysed.