To better improve the ride comfort and handling stability of vehicles, a new two-stage ISD semi-active suspension structure is designed, which consists of the three elements, including an adjustable damper, spring, and inerter. Meanwhile, a new semi-active ISD suspension control strategy is proposed based on this structure. Firstly, the fuzzy neural network’s initial parameters are optimized using the grey wolf optimization algorithm. Then, the fuzzy neural network with the optimal parameters is adjusted to the PID parameters. Finally, a 1/4 2-degree-of-freedom ISD semi-active suspension model is constructed in Matlab/Simulink, and the dynamics simulation is carried out for the three schemes using PID control, fuzzy neural network PID control, and improved fuzzy neural network PID control, respectively. The results show that compared with adopting PID control and fuzzy neural network PID control strategy, the vehicle body acceleration and tire dynamic loads are significantly reduced after using the grey wolf optimized fuzzy neural network PID control strategy, which shows that the control strategy proposed in this paper can significantly improve the vehicle smoothness and the stability of the handling.