With the development of infrastructure construction, an increasing number of projects are faced with the problem of hydraulic and dynamic coupling. However, traditional physical model materials mainly consider the single factor influence and lack comprehensive research on the hydraulic and dynamic parameters of similar materials. Based on the dimensionless criterion and Buckingham π theorem, the dimension and similarity relation of physical model tests of rock masses under seepage and dynamic coupling are derived. A new type of similar material considering hydraulic and dynamic properties was developed by using quartz sand, barite powder, cement, water glass, rosin, and glycerol as raw materials through a large number of orthogonal tests. Meanwhile, the sensitivity analysis of the physical and mechanical properties of similar materials was carried out and the influence of each component factor on the physical properties was revealed. A material preparation scheme was developed to meet the physical and hydraulic characteristics of different rock and soil physical models. An empirical matching formula considering each parameter is proposed. This work can provide an important reference for physical model tests of similar rock masses.