Porous 17-4PH stainless steel with three different porosities, fixed pore size (500 μm), and uniform structure are prepared by pressureless space holder method. The microstructure characteristics and compressive behaviors of the porous 17-4PH specimens are investigated. The results show that the compression yield strength of the sintered porous 17-4PH stainless steel dramatically increases due to the precipitation of ε- Cu spherical phases precipitated after aging treatment. The smaller the porosity, the more significant energy absorption capacity of porous steel. In addition, the impact performance of porous 17-4PH stainless steel has been studied via using a direct impact Hopkinson bar. Testing results reveal that porous 17-4PH stainless steel can effectively weaken the transmission of stress wave and achieve the purpose of dissipating energy.