To study the performance of common component-rubber bushing on shock absorption, it is necessary to build a theoretical model that can accurately describe dynamic characteristics. The static and dynamic axial characteristics of rubber bushing are acquired through physical tests in order to analyze their frequency-dependency and magnitude-dependency. Firstly, a novel rubber bushing theoretical model based on the elastic element, friction element, and several visco-elastic elements is proposed. Model parameters are then fitted according to test results. Finally, the theoretical and experimental values for dynamic stiffness and damping ratio match well, and maximum errors are 5.99% and 7.73%, respectively, which satisfies the needs of engineering applications. This work testifies to the effectiveness of the rubber bushing model and parameter identification method used.