Metal rubber material is a new type of elastic and porous material which develops from metal materials. The macro-structure of metal rubber is reticular just as high polymer, made up of fine metal wires. In this paper, the testing equipment which can test micro-motion of metal rubber is designed and the compressive force-displacement curve along molding of metal rubber has gain. The cure along molding of metal rubber has three different characteristic stages. In different characteristic stages, the deformation of metal rubber material has different micro physical mechanism. The micro physical mechanism of different deformation periods is summarized by the micro analyses of three different characteristic curve stages and the study of metal rubber molding technology. Based on the manufacture technology and molding process, the spring wires in metal rubber material have contacted adequately after molding. The micro physical mechanism of metal rubber material in this stage is produced by blank tear combination deformation in linear elastic of spring wires. Because of the deformation stage is very little; the stiffness of metal rubber material is represented linear characteristic in this stage. The contacted points of spring wires are slide along with deformation increasing. The stiffness of metal rubber material is reduced after early linear deformation stage. The compressive force-displacement curve represents soft characteristic stage in macro- expression. When the most contacted points of spring wires are slide along with deformation increasing, the stiffness of metal rubber material is rapid rise. The exponential reinforcement stage is caused by the strongly constraints among spring wires. The micro physical mechanism can explain the different characteristic stages of metal rubber material on compressive performance.