A new deployable warhead-like decoy is proposed in this study. It consists of a rigid deployable skeleton in the center, a cable net system, and a membrane connected to the outer part of the decoy. First, the structural design of the decoy is presented, and its spatial geometry relationship is described. Compared with the existing decoy design, the decoy has high structural stiffness and surface similarity. Furthermore, the large storage ratio ensures that the space it occupies and its weight do not exceed those of the conventional decoy. Then, the structural characteristics and deployment dynamics of the ground and air conditions are analyzed considering the difference between the actual working condition and ground condition. Finally, a prototype is developed to verify the feasibility of the design, and an experimental test is conducted. The test results show that the decoy can be deployed successfully under its passive power and that its structure has good repeatability and surface similarity.