Hydraulic bushing is a new kind of vibration isolator for automotive chassis system. Analysis and optimization of dynamic characteristics is an important link in the design and development of hydro-bushing. This paper focuses on axial and radial damping hydraulic bushing. The dynamic characteristics of the hydraulic bushing measured with different amplitude excitation. The lumped parameter (LP) models for hydro-bushing with different number of inertia tracks are proposed. The dynamic stiffness and loss angle of hydro-bushing with single inertia track are obtained from the LP model. Emphasis is placed on the identification of the system parameters of the LP model for hydro-bushing with single inertia track. The calculated dynamic performances of hydro-bushing are compared favorably with the experimental data, which validates the proposed models. The peak frequency of the hydro-bushing’s loss angle is derived from the LP model and expressed in an explicit form. With the increase of the number of inertia tracks, the peak frequency is backward moved. The analytical methods and conclusions are instructive for the design and the tuning of performance of the hydraulic bushing.