Aimed to the degradation of mechanical properties of Lead Rubber Bearings (LRB) under real-time large-deformation reciprocating loads, the basic vertical mechanics performance test, the basic horizontal mechanics properties test and the horizontal mechanical properties tests under real-time large-deformation reciprocating loads of a full-scale lead-rubber bearing were carried out by high-speed compression-shear test equipment. The experimental results show that with the increases of number of loading cycle under real-time large-deformation reciprocating loads, the yield strength and energy dissipation capacity of the LRB abruptly decreases. At the end of the test, the yield strength of LRB decreases by 46.1% on average, and the number of loading cycle has a relatively small effect on the post-yield stiffness. The yield strength of LRB obtained after second loading cycle under real-time large-deformation reciprocating loads is all less than yield strength measured by testing method of national standard and the yield strength at the last loading cycle under real-time large-deformation reciprocating loads is less 43.8% than that measured by the national standard. The yield strength of LRB obtained by the test method of national standard is smaller than that of LRB under actual earthquakes. The real-time reciprocating large deformation has no effect on the vertical stiffness. Mechanical performance of LRB degrades under real-time large-deformation reciprocating loads, however, after an interval of time, mechanical performance of LRB return back to the state before real-time large-deformation reciprocating loads.