The responses of the piezoelectric stack actuator under electro-mechanical loading are investigated. Two types of tests are performed: influences of the preload on characteristics of the stack and dynamic test. Experimental results indicate strong dependence of the stack properties on the electro-mechanical loading conditions. The displacement output is initially enhanced with an increase of the mechanical preload, and the maximum value is obtained at the preload of about 0.4 kN. But much higher preload will cause the decrease of the displacement output. The effective piezoelectric coefficient and the hysteresis degree are employed to describe the variations of the stack’s performances caused by the mechanical preload. The effective piezoelectric coefficient under different preloads can be calculated by using experimental results of the displacement output and input voltage. Within low frequency band of about 400 Hz, the displacement magnitude of the stack is nearly constant, and the phase lag increases with the increase of the driving frequency at the applied sine sweep voltage with the amplitude of 150V.