This study conducted numerical investigations on solitary wave attenuation by a vertical plate-type flexible breakwater constructed using hyperelastic neo-Hookean material. The wave attenuation performance and elastic behaviors of the flexible breakwater were discussed systematically by considering the effects of three prominent factors: mass coefficient, stiffness coefficient, and Poisson’s ratio. It is indicated that more compressible and flexible materials are beneficial for enhancing efficiency in mitigating solitary wave energy and protecting the structure from damage. In addition, the performance of the hyperelastic neo-Hookean material model was compared with that of a linear elastic isotropic material model coupled with linear and nonlinear geometry analysis (LGEOM and NLGEOM) by evaluating several key targets: wave reflection coefficient, transmission coefficient, horizontal tip displacement, and wave load. Our findings revealed that the hyperelastic neo-Hookean material model showed almost the same predictions as the linear elastic isotropic material model with NLGEOM, but significantly diverged from that with LGEOM. The linear elastic isotropic material model with LGEOM cannot capture the nonlinear variations in structural geometry and stress–strain relationship, resulting in the underestimation and overestimation of horizontal tip displacement under moderate and extreme wave loads, respectively. Moreover, it underestimates the damage inflicted by solitary waves due to inaccurately predicted wave reflection and transmission.