Improving the lateral effect of SC (shaped charge) structures is recognized as a significant technical challenge in addressing contemporary environmental requirements. The widespread application of lightweight materials is considered an effective technical approach for solving this problem. To investigate the utilization of lightweight alloys in SCs, a shaped charge with a 144 mm diameter was designed, incorporating a lightweight titanium alloy liner. This configuration was demonstrated to achieve a damage pattern characterized by deep penetration and large perforation diameter in steel targets. Through a combined approach of numerical simulation and theoretical analysis, a computational model was developed using the ANSYS/AUTODYN platform to simulate lightweight jet formation and penetration under varying liner thicknesses. Simulation results revealed that while the perforation diameter on steel targets gradually increased with liner thickness, both the through-hole diameter and penetration depth were maximized at a liner thickness of 4 mm. Consequently, a static explosion experiment was performed to verify the penetration performance of the SC featuring a 4 mm thick liner. Experimental results indicated that the lightweight jet formed a penetration channel with a perforation diameter of 0.31D, a through-hole diameter of 0.20D, and a penetration depth of 3.45D at a standoff distance of 2.0D. Results were analyzed and it was found that the discrepancy between experimental and numerical simulation results was within 5%, thereby validating the simulation model. This research provides valuable insights for the application and design optimization of lightweight alloys in SC technology.