Geosynthetic reinforced and pile-supported (GRPS) provide an economic and effective solution for embankments. To investigate the load-bearing mechanism of the GRPS embankment in loess, experimental and numerical studies under static and dynamic loading are carried out. The characteristics of soil arch effect and tensile membrane effect of GPRS embankment under static and dynamic loading are revealed by analyzing pile–soil stress ratio, tension of geogrid, and stress distribution of pile. The test results show that the pile–soil stress ratio under dynamic loading is reduced by 2.3 compared with static loading. In comparison to static load, the soil arching effect is attenuated under dynamic load, and the stronger the static load soil arching effect, the greater the degree of weakening under dynamic load. In addition, under dynamic loading, the tensioned membrane effect is still effective, but its enhancement is not as pronounced as under static loading. Furthermore, by using the finite element software, the numerical model is developed and validated with the experimental results. The parameter analysis of the load-bearing performance of the GRPS embankment is accomplished using the finite element model as well.