The novel sandwich panel with egg-shaped honeycomb-grid core (SP-EHC), formed by chamfering the grid walls, can achieve a balance between lightweight and high-strength, as well as promote effective ventilation and drainage due to the semi-closed honeycomb design. To determine the panel’s equivalent stiffness properties, an asymptotic analysis of the energy functional stored within the periodic unit cell is conducted. On this base, a 2D pseudo-equivalent model (2D-PEM) in the form of the Reissner–Mindlin model was formulated. The pseudo-excitation method was employed to analyze the self-power spectral density function and root mean square response of the 2D-PEM under random vibration. The accuracy and effectiveness of the model were validated through comparisons of the three-point bending experimental results of the 3D-printed specimen, exhibiting relative errors of 2.95%. In addition, free and random vibration analyses were conducted on the hybrid SP-EHC to further validate the model. Furthermore, the influence of material and structural parameters on specific stiffness, natural frequencies and first velocity RMS was systematically investigated. The findings reveal that enhancing the grid wall’s chamfering ratio is beneficial in achieving the desired objectives of lightweight and high-strength. In addition, compared to sandwich panels with orthogonal and pyramid grid cores, this improvement positively impacts the vibration characteristics of the sandwich panel. These findings offer valuable insights for the future design and optimization of such sandwich panels.