The clearance joints cause the mechanical multi-body system to exhibit complex dynamic behavior, resulting in a decrease in performance and reliability. Another important factor influencing the dynamic response of a planar mechanical system is the flexibility of links. A dynamic model of the flexible toggle-linkage mechanism with mixed lubricated clearance joints is established in this study. The dynamics model of the multi-body system is combined with the lubrication models of prismatic and revolute clearances in this approach. Experiments on toggle-linkage mechanical press under different loads and speed were made to measure the dynamic response. Meanwhile, the effects of blanking force and different clearance joints on the dynamic responses of the toggle-linkage mechanism were studied. The results of the dynamic simulations showed that the flexible–rigid model with mixed clearances and lubrication agreed with the experiment data better. The simulation results demonstrated that the linkage’s flexibility and lubrication can cushion the impact between the elements of mixed clearances. Furthermore, the increase of the number and type of the joint clearance reduces the stability and motion accuracy of the toggle-linkage mechanism.