Rupture discs, manufactured using a hydraulic or pneumatic bulge process, are widely used to protect vessels from over-pressuring. The stress–strain relationship of the material in the bulge process plays a major role in understanding the performance of rupture discs. Moreover, both the theoretical analyses and numerical simulations of rupture discs demand a reliable stress–strain relationship of the material in a real bulge process. In this paper, an approach for determining the plastic stress–strain relationship of a rupture disc material in the bulge process is proposed based on plastic membrane theory and force equilibrium equations. Pressures of compressed air and methane/air mixture explosions were used for the bulge pressure to accomplish the quasi-static and dynamic bulge processes of tested discs. Experimental apparatus for the quasi-static bulge test and the dynamic bulge test were built. The stress–strain relations of 316L material during bulge tests were obtained, compared, and discussed. The results indicated that the bulge height at the top of the domed disc increased linearly with an increase in bulge pressure in the quasi-static and dynamic bulge processes, and the effective strain increased exponentially. The rate of pressure rise during the bulge process has a significant effect on the deformation behavior of disc material and hence the stress–strain relationship. At the same bulge pressure, a disc tested with a larger pressure rise rate had smaller bulge height and effective strain. At the same effective stress at the top of the domed disc, discs subjected to a higher pressure rise rate had smaller effective strain, and hence they are more difficult to rupture. Hollomon’s equation is used to represent the relationship between the effective stress and strain during bulge process. For pressure rise rates in the following range of 0 (equivalent to quasi-static condition), 2–10 MPa/s, 10–50 MPa/s, and 50–100 MPa/s, the relation of stress and strain is σ_e = 1259.4·ε_e^0.4487, σ_e = 1192.4·ε_e^0.3261, σ_e = 1381.2·ε_e^0.2910, and σ_e = 1368.4·ε_e^0.1701, respectively.