Abstract: To achieve a balance between self-centering and energy dissipation in seismic isolators, and to provide additional options for seismic isolation design, a novel gravity-driven self-centering rubber bearing (GSRB) has been proposed in this paper. Its mechanical performance has been investigated through experimental and finite element analyses. The wavy friction pairs embedded within the laminated rubber provide energy dissipation while simultaneously utilizing the gravity of the superstructure to generate a restoring tendency. Through full-scale compression-shear tests, the effects of loading amplitude, vertical pressure, and loading frequency on the horizontal mechanical performance were investigated, and the proposed theoretical model was validated. A three-dimensional finite element model of the GSRB was established, enabling effective prediction of the vertical and horizontal performance. Using the validated finite element model, a further study was conducted on the deformation proportion within the bearing. The deformation proportion of the sliding layer increased as the bearing’s horizontal deformation increased and eventually stabilizing. The finite element results indicate that, when the equivalent horizontal deformation reaches 300%, the sliding layer accounts for 42% of the horizontal deformation while the laminated rubber layer accounts for 58%. In summary, the proposed isolator exhibits stable performance and has the potential for widespread application.