The present work proposes a novel toroidal air-spring model consisting of two cylindrical elastomeric membranes unlike conventional convoluted air-spring with one rubber bellow. The membranes are attached with two annular plates at top and bottom in circumferential direction, forming a closed space in between. With internally pressurizing the setup, the inflated bellow in the shape of a toroidal air-spring structure is formed. The static and dynamic analysis of the air-spring model is performed under transverse loading on top plate. The static analysis is carried out by compressing the air-spring to different suspension heights, assuming adiabatic compression of the enclosed air. The conditions for impending wrinkling, its prevention measures by choosing suitable design parameters, and the effect using cord-reinforced membranes are explored. The dynamic study under harmonic forcing is performed using the method of assumed modes coupled with a perturbation technique to solve the Eigenvalue problem of the discretized membrane structure. The radial asymmetric perturbations are included in the formulation to explore the symmetry breaking during dynamic study. The Eigen frequencies of the structure are obtained for different inflation pressures of the air-spring. Interestingly, a frequency veering phenomenon is observed between a few Eigen modes associated with closely spaced natural frequencies, where the possibility of mode swapping exists. The forced vibration analysis around a few Eigen frequencies shows beating like responses. The stiffness of the proposed air-spring is found to be linear under both static and dynamic conditions, which is inline with the stiffness nature of the convectional convoluted air-springs.