Porous metal materials have important mechanical properties, and there are various manufacturing methods to produce them. In this paper, a porous, thin strip was fabricated by the composite rolling of stainless steel wire mesh and stainless steel powder. Then, a porous plate of stainless steel wire mesh and powder composite (SWMPC) was prepared by folding, pressing, and vacuum sintering the thin strip, and its structural characteristics and permeability were studied. The effects of the gap of the roller, gap of the powder box, number of layers by folding, and sintering parameters on the porosity and mechanical properties were also studied. The results indicated that the permeability increased with the increasing of porosity. Sintering parameters had a great influence on the mechanical properties. The larger the roll gap, the higher the porosity and the weaker the mechanical properties. As the gap of the powder box increased, the porosity decreased and the mechanical properties improved. The number of layers had no effect on the porosity. The first three stages of tensile curves of 10 and 15 layers were deformation stages and generally coincided, the time was short at the fracture stage. However, the mechanical properties got a raise when layers was 15.