In this paper, dynamic shear mechanical properties of a new metal rubber isolating bearing is tested and studied. The mixed damping model is provided for theoretical modeling of MR isolating bearing, the shear stiffness and damping characteristics of the MR bearing can be analyzed separately and easily discussed, and the mixed damping model is proved to be an rather effective approach. The test results indicate that loading frequency bears little impact over shear property of metal rubber isolating bearing, the total energy consumption of metal rubber isolating bearing increases with the increase in loading amplitude. With the increase in loading amplitude, the stiffness of the isolating bearing will reduce showing its “soft property” and the type of damping force gradually changes to be close to dry friction. The features of “soft property” and dry friction energy consumption of metal rubber isolating bearing are very useful in practical engineering application.