The main aim of this research is to present complete methodological guidelines for dynamic characterization of elastomers when subjected to strain rates of 100/s–10,000/s. We consider the following three aspects: (i) the design of high strain rate testing apparatus, (ii) finite element analysis for the optimization of the experimental setup, and (iii) experimental parameters and validation for the response of an elastomeric specimen. To test low impedance soft materials, design of a modified Kolsky bar is discussed. Based on this design, the testing apparatus was constructed, validated, and optimized numerically using finite element methods. Furthermore, investigations on traditional pulse shaping techniques and a new design for pulse shaper are described. The effect of specimen geometry on the homogeneous deformation has been thoroughly accounted for. Using the optimized specimen geometry and pulse shaping technique, nitrile butadiene rubber was tested at different strain rates, and the experimental findings were compared to numerical predictions.