Fluid-Structure Interaction (FSI) problems are of great importance to many fields of engineering and pose tremendous challenges to numerical analyst. This thesis addresses some of the hurdles faced for both 2D and 3D real life time-dependent FSI problems with particular emphasis on parachute systems. The techniques developed here would help improve the design of parachutes and are of direct relevance to several other FSI problems. The fluid system is solved using the Deforming-Spatial-Domain/Stabilized Space-Time (DSD/SST) finite element formulation for the Navier-Stokes equations of incompressible and compressible flows. The structural dynamics solver is based on a total Lagrangian finite element formulation. Newton-Raphson method is employed to linearize the otherwise nonlinear system resulting from the fluid and structure formulations. The fluid and structural systems are solved in decoupled fashion at each nonlinear iteration. While rigorous coupling methods are desirable for FSI simulations, the decoupled solution techniques provide sufficient convergence in the time-dependent problems considered here. In this thesis, common problems in the FSI simulations of parachutes are discussed and possible remedies for a few of them are presented. Further, the effects of the porosity model on the aerodynamic forces of round parachutes are analyzed. Techniques for solving compressible FSI problems are also discussed. Subsequently, a better stabilization technique is proposed to efficiently capture and accurately predict the shocks in supersonic flows. The numerical examples simulated here require high performance computing. Therefore, numerical tools using distributed memory supercomputers with message passing interface (MPI) libraries were developed.