Boron carbide disks with three different grain sizes were consolidated from submicrometer-sized boron carbide powder using the plasma pressure compaction technique. Static and dynamic indentations were performed to determine their loading-rate dependence on mechanical properties. Dynamic indentations resulted in a decrease in hardness and fracture toughness, and induced more severe damage compared with static indentations. Using Raman spectroscopy, the mechanism responsible for loss of strength under dynamic loads was identified as the solid-state structural phase transformation in the dynamically loaded regions. The influence of processing conditions and the resulting microstructure on the observed rate dependency of mechanical properties are discussed.