A new kind of composite buffering material was made by filling the voids of honeycomb paperboard with polyurethane. Drop tests were performed to evaluate the dynamic energy absorption capacity of the material. Based on the tests results, we analyzed the mechanical behaviors of the material under different conditions and obtained the inherent influencing laws of some factors on the material’s dynamic buffering performance. It was shown that the dynamic buffering performance varied directly with impact velocity, and inversely with the void diameter, thickness and buffering area of the composite material.