The work aims to research the preparation and performance of a new cushion packaging material with the humidity regulation function and buffer energy-absorption property, so as to solve the problem that the precision is affected because part of the precision instruments is damped or excessively dry during the transportation and storage. The foaming buffer packaging material with humidity regulation function was prepared by microwave foaming process. The factors affecting the foaming performance, humidity regulation performance and cushioning performance were researched. The performances of foaming material prepared under the best component ratio were tested. When the microwave foaming power was 122.5 W, the mass ratio of acrylic acid-sodium acrylate and acrylamide was 4∶1, and the initial water content of KGM-based humidity regulation material was 6.5 mL, the prepared foaming humidity regulation material had the best performance, and such material could regulate the relative humidity of an air-tight container to (50±5)% within 180 min; meanwhile, such material had excellent buffer energy absorption property, with total absorbed energy in unit volume of 1.73 J/cm3 and the minimum cushioning coefficient of 3.32. The factors affecting the foaming performance, humidity regulation performance and cushioning performance of such new foaming material include microwave foaming power, mass ratio of acrylic acid-sodium acrylate and acrylamide, and initial water content of konjac glucomannan (KGM)-based humidity regulation material.