The pneumatic vibration isolator (PVI) plays an increasingly important role in precision manufacturing. In this paper, aiming to detect the performance of the pressure regulator in the PVI system, a PVI testing system with a pressure regulator is designed and developed. Firstly, the structure of the pneumatic spring is presented and analyzed, and the nonlinear stiffness is obtained based on the ideal gas model and material mechanics. Then, according to the working principle and continuity equations of ideal airflow, a dynamic model of the PVI system with a pressure regulator is established. Through the simulation analysis, the vibration isolation performance is improved with the efficient and precise pressure regulator. The average values of both the vibration velocity and transmission rate decrease when the vibration is set to 4, 10, 20 and 40 Hz, respectively. The experiments demonstrate the reliability and effectiveness of the pressure regulator. This achievement will become an important basis for future research concerning precision manufacturing.