The unique hysteretic characteristic of rubber bellows and the nonlinear flow of internal airflow in the system results in the significant nonlinear dynamic characteristic of throttling orifice type air damping air springs. To solve the problem of mathematical representation of dynamic characteristic and key parameters optimization of throttling orifice type air damping air spring, this paper comprehensively considers the hysteretic characteristic of rubber bellows under variable pressure, the nonlinear dynamic characteristic model and linear model of throttling orifice type air damping air spring are established based on the concepts of gas thermodynamics and fluid mechanics. The static and dynamic characteristic tests of the throttling orifice type air damping air spring are conducted, to verify the accuracy and effectiveness of the proposed model, and to reveal the influence laws of excitation amplitude, excitation frequency, and throttling orifice diameter on the quantitative characterization indexes. Finally, a complete throttling orifice diameter optimization method is proposed based on the eight-degree-of-freedom model of the entire vehicle. Optimization results illustrate that the RMS values of the vertical acceleration of the body and the vertical acceleration of the driver are decreased by 19.02% and 38.44%, respectively. Overall, the outcomes of this paper can provide the design idea and theoretical basis for air damping matching and active suspension control.