This paper intends to offer a comprehensive understanding of material characterization of gypsum as a model material for soft-porous rocks. Unconfined compression tests and Brazilian split tests have been conducted on molded gypsum samples over a wide range of strain rates of order 10−4/s to 102/s. Dynamic characteristics of molded gypsum samples with varying porosities have been studied and compared to naturally occurring soft rocks using a parameter called Dynamic Increase Factor (DIF). DIF is generally used to define the rate sensitivity of brittle materials. The results suggest that strength of gypsum depends on its porosity. In general, as the porosity increases, compressive as well as tensile strength decreases in both quasi-static and dynamic region. Also, with increasing strain rate, compressive and tensile strength of molded gypsum samples increases. DIF values for molded gypsum samples in compression (CDIF) and tension (TDIF) have been reported and compared to naturally occurring soft rocks like limestone, sandstone, etc. for the strain rates considered in the study.