In the oil-injection compressor system, it is necessary to separate the lubricating oil by sequentially applying the mechanical separator and the separating filter element, however, the oil–gas separation filter has disadvantages such as short service life, high cost, and great environmental pollution. In this paper, a porous plate separator is proposed to achieve the coalescence of small oil droplets, and then the larger droplets can be removed by mechanical collisions driven by turbulence flow in the separator. This device is designed to be used after the primary separator, in the hope of replacing the separation filter element. The structure of the porous plate oil–gas separator is constructed through the staggered arrangement of two porous plates, and the two-phase flow characteristics in the separator are simulated through the Euler-Lagrangian method with the droplet’s behavior of collision and breakup considered. The hole diameter, hole distance, plate distance, and inlet velocity are the key parameters of the separator, and these parameters are combined through the orthogonal design method to form several different structures and working conditions. The results of range analysis and pressure difference distribution under different layers are analyzed comprehensively, so the best combination is determined in terms of particle size growth rate, oil separation efficiency, and pressure loss. The designed structure is machined, and a test bench is set up, so the performance of the porous plate separator is experimentally tested. It is found that the simulation results are in good agreement with the experimental data, and the best simulated conditions are also verified by the experiment. When the inlet velocity is 0.2 m·s−1, the optimal scheme is suggested as follows: Hole diameter = 1.5 mm; Hole distance = 3 mm; Plate distance = 1 mm; plate layers = 40.