The similarity model test is one of the important means to study the engineering properties of soft rock. This study aims to develop similar materials for silty mudstone, which has characteristics of low strength and water expansion, based on traditional materials including gypsum, barite powder, clay minerals, and distilled water. The orthogonal design method was used to determine the mixing ratios of the similar materials. The density, uniaxial compressive strength, tensile strength, elastic modulus, and Poisson’s ratio were selected as control indicators of the similar materials. The results show that the water content is the dominant factor for the density, tensile strength, elastic modulus, and Poisson’s ratio of the similar materials of silty mudstone, while the gypsum content is the dominant factor for the uniaxial compressive strength. The physical and mechanical properties of the similar material samples with water content of 19%, barite powder ratio of 32%, and gypsum mass of 250 g show good similarity to those of the raw silty mudstone. The water absorption and expansibility of similar materials with clay mineral ratio of 12% are consistent with those of the raw silty mudstone. The scanning electron microscopy (SEM) observation indicates that the similar material with optimal mixing ratios exhibits a similar microstructure to that of silty mudstone.