To explore an innovative approach for enhancing the vibration isolation performance of vehicle air suspension systems, this study introduces the inerter element into the vehicle air suspension and investigates the dynamic behavior of the semi-active vehicle air ISD (inerter-spring-damper) suspension. Initially, a dynamic model of the quarter semi-active vehicle air ISD suspension is established, followed by conducting multi-objective optimization of the core parameters using the genetic algorithm. Subsequently, the dynamic performance of the semi-active vehicle air ISD suspension is thoroughly examined through simulations and analyses in both the time and frequency domains. The results demonstrate notable improvements in various aspects: the root-mean-square (RMS) value of the vehicle body acceleration in the semi-active vehicle air ISD suspension is reduced by 12.8%, the RMS value of the suspension working space is decreased by 37.3%, and the RMS value of the dynamic tire load experiences an 8.9% reduction. The findings of this paper indicate that the proposed semi-active vehicle air ISD suspension outperforms both the passive vehicle air suspension and the semi-active vehicle air suspension without an inerter, significantly enhancing the vehicle’s ride comfort, handling stability, and driving safety.