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This study aimed to investigate the behavioral characteristics of the lateral deflection of a simply supported perforated steel plate subjected to axial compression. Investigating the lateral deflection of the perforated plate is of great significance because the buckling limit of structural members can be predicted not only by strength but also by displacement (or deflection). For this purpose, we conducted buckling experiments by considering various variables of the perforated plate, such as opening size, thickness, and aspect ratio. In addition, a series of elastoplastic large deflection analyses were performed using the commercial finite element analysis program, and the calculated results were compared along with the experimental results. Finally, practical curves, which can predict lateral deflection with an increase in axial displacement, and the occurrence point of ultimate strength are reported in this study. The results showed that there was a distinct difference in the behavior of lateral deflection between perforated plates with different opening ratios. The local buckling occurred mainly around the opening and was more dominant with an increase in the opening ratio. In addition, the ultimate strength of the perforated plate was determined at the end of the local buckling phase.