To decrease the opening shock as well as improve the resistance coefficient and stability of the parachute of aviation weapon under subsonic conditions, a new kind of high-damping four-winged rotating (HFWR) parachute is investigated in this paper. e transient dynamic behavior and aerodynamic characteristics of the parachute during the inflation process are studied. Considering the permeability, the 3D folded finite element (FE) model of the HFWR parachute is established based on the direct folding modeling technique, and the inflation process of the parachute under subsonic flow is simulated using the multimaterial arbitrary Lagrange-Euler (ALE) method. A series of wind tunnel tests are conducted to verify the numerical results. Besides, the opening performances of the HFWR parachute and the round parachute, which includes the inflation process, the dynamic response of the swing angle, and the opening shock load varying with time, are compared under the same conditions. e results show that the opening performance of the HFWR parachute is superior to the round parachute under specific military background. e fluid-structure interaction (FSI) simulation results show good consistency with the wind tunnel tests, which indicates that the numerical modeling can effectively simulate and predict the opening performance and aerodynamic characteristics of the rotating parachute. e modeling method in this paper can help shorten the development cycle, improve the cost effectiveness, and optimize the design of the parachute.