Compressive performance of honeycomb paperboard with different number of paper-cores had been analyzed to meet the need of honeycomb paperboard produce. First, the models were built after buckling theory analysis. Dynamic characteristics of nonlinear collapse process under axial dynamic load were analyzed in the FEA software. It was indicated that: the collapsing process was divided into four parts: linear elastic phase, elastic-plasticity phase, plasticity collapse phase and densification phase. When the number of cores increased, the models had a bearing up on compressive strength. At last, the compressive performance had been verified by experiment.