The air spring is widely used in various fields such as a suspension system and an anti-vibration system because the natural frequency is kept constant regardless of the change in the load, spring constant is easy to change, and, vibration and shock isolation performance are excellent. The purpose of this study is to derive a nonlinear governing equation of an air spring, to analyze the effect of the various parameters on the dynamic stiffness of the air spring, and, to suggest a more efficient design method of an air spring system. In order to do so, this study investigates the impact of all the parameters that could affect the dynamic stiffness of the air spring while changing the excitation amplitude and the frequency with a developed governing equation.