Compressive deformation and plastic energy absorption property of paper corrugated sandwich panel were investigated at different compressive rates. Transverse compression displacement was studied based on Hoff's sandwich plate, orthotropic plate theory and engineering beam theory. Compression deformation mode and plastic energy absorption property of corrugated core were analyzed and compression strength model of corrugated core was presented and compared with the results of static compress experiments. Theoretical predictions of crushing strength of B and C paper corrugated sandwich plates were 0.1195 and 0.0612 MPa, respectively. The results of static compress experiments of B and C paper corrugated sandwich plates at compressive rates of 1, 12, 18, 48 mm/min were 0.1011 and 0.0462 MPa, 0.1071 and 0.0640 MPa, 0.1048 and 0.0475 MPa, 0.1075 MPa and 0.0451 MPa, respectively. There was negligible effect of low strain rates on the compressive properties of paper corrugated sandwich panel, and the elastic strength, yield strength and crushing strength also remained almost the same. For the same materials, section geometry of the panel had great effect on the compressive characteristics and energy absorption property of paper corrugated sandwich panel.