To achieve the low-frequency line spectrum vibration isolation, the bellows-type hydraulic inerter-based dynamic anti-resonance vibration isolation (DAVI) device is proposed. The device uses the bellows structure as the elastic support and sealing element, and the additional horizontal bellows and the inertial mass at the end form an inerter subsystem. The entire device exhibits dynamic anti-resonance vibration isolation characteristics. Firstly, the dynamic equation of the proposed DAVI system was established, and the vibration transmissibility under both of force and displacement excitation was derived. The characterization of the transmissibility characteristics by the absolute parameters of the inertance mass ratio, effective area ratio, damping ratio and the quantity of inerter subsystems was studied through non-dimensional parameter analysis. The results show that the increase of the inertance mass ratio and effective area ratio, and the decrease of the number of inertial subsystems will reduce the anti-resonance frequency of the isolation system, which plays a role in frequency modulation, while the damping ratio only plays a regulating role in the peak value of resonance and anti-resonance. Furthermore, for given system parameters, the mechanics mechanism of the optimal vibration isolation efficiency at the anti-resonance frequency point was explained through the numerical simulation analysis. It confirms that at the anti-resonance frequency, the elastic restoring force of the primary supporting bellows and the internal hydraulic pulsation pressure on the base have the same magnitude but opposite direction, resulting in a net force of zero. This work provides a theoretical basis for the application design of the bellows hydraulic inerter-based DAVI device.