Abstract: The moon exploration has progressed into the stage of in-situ resource utilization (ISRU). Systematically understanding the unique mechanical response and engineering characteristics of the lunar regolith is crucial for the development and exploitation of lunar resources. Most experimental studies on the properties of lunar regolith and its simulants have been conducted on Earth, disregarding the impact of lunar environment, particularly the low gravity, on these properties. The geomechanical magnetic model test, which uses magnetic similar materials, can simulate the low-gravity environment of the lunar surface. However, the existing lunar regolith simulants have weak magnetism and cannot meet the requirements of the magnetic model tests. Thus, a high-titanium lunar simulant IRSM-1 with magnetic properties is introduced, and its composition and properties are tested. The test results are then compared with those of some lunar regolith and existing simulants. The findings reveal that the chemical and mineral compositions of the IRSM-1 simulant is similar to those of the high-titanium lunar regolith, and their physical and mechanical properties are within the range of lunar regolith, which accurately replicates the fundamental characteristics of the real lunar regolith. Moreover, the IRSM-1 simulant has certain magnetism and can be employed as a similar material for magnetic model tests.