The material property of the rubber has been studied in order to improve the reliability of the finite element model of a lead rubber bearing (LRB) which is a typical base isolator. Rubber exhibits elastic behaviour even within the large strain range, unlike the general structural material, and has a hyper-elastic characteristics that shows non-linear relationship between load and deformation. This study represents the mechanical characteristics of the rubber by strain energy function in order to develop a finite element (FE) model of LRB. For the study, several strain energy functions were selected and mechanical properties of the rubber were estimated with the energy functions. A finite element model of LRB has been developed by using material properties of rubber and lead which were identified by stress tests. This study estimated the horizontal and vertical force-displacement relationship with the FE model. The adequacy of the FE model was validated by comparing the analytical results with the experimental data.