High-damping rubber materials utilized in high-damping rubber isolation bearings are frequently subjected to multiple deformations during the occurrence of earthquakes. Typically, large combined compression–shear deformations of the material could potentially cause compressive shear damage to rubber bearings. During this process, visco-hyperelastic properties of rubber materials will greatly change, which would significantly impact the seismic performance of rubber bearings. Thus, to give out a deep insight into their variations, it is necessary and urgent to develop a high-performance numerical method to investigate this process. This paper proposed a visco-hyperelastic constitutive modeling approach for high-damping rubber materials based on the experimental assessment of combined quasi-static compression–cyclic shear deformation process. Within the thermodynamic framework, the Clausius–Duhem inequality associated with the intrinsic dissipation of the material was firstly derived in accordance with the Lagrangian formulism. Then, stress–strain relations were obtained upon considering the occurrence of entropy production due to viscous dissipation. In the model, Stumpf–Marczak strain energy density function, which satisfies the Baker–Ericksen (B–E) inequality, was harnessed to describe the hyperelasticity of the material. By introducing higher orders of strain and strain rates and taking their couplings into account, a generalized viscous dissipation potential was proposed to capture nonlinear strain and strain rate-sensitivity effects of the material. To identify constitutive parameters, the deformation gradient was particularized for the combined quasi-static compression–cyclic shear deformation process. And, an inverse identification procedure was carried out at different levels of compression stress. The prediction results revealed that the proposed model exhibits remarkable prediction ability and adaptivity for different rubber materials during this process. Several new insights were highlighted on the variations of visco-hyperelastic characteristics of high-damping rubber materials with respect to the compression stress. The accuracy of the model was further validated by design parameters including initial shear modulus, secant shear modulus and equivalent viscous damping factor. This work could provide a fundamental guideline for the optimization and reliability analysis of high-damping rubber isolation bearings used in the field of seismic engineering.