This paper introduces a new pneumatic spring for vehicle suspension systems, allowing independent tuning of stiffness and ride height according to different vehicle operating conditions and driver preferences. The proposed pneumatic spring comprises a double-acting pneumatic cylinder, two accumulators and a tuning subsystem. This paper presents a detailed description of the pneumatic spring and its working principle. The mathematical model is established based on principles of thermo and fluid dynamics. An experimental setup has been designed and fabricated for testing and evaluating the proposed pneumatic spring. The analytical and experimental results confirm the capability of the new pneumatic spring system for independent tuning of stiffness and ride height. The mathematical model is verified and the capabilities of the pneumatic spring are further proved. It is concluded that this new pneumatic spring provides a more flexible suspension design alternative for meeting various conflicting suspension requirements for ride comfort and performance.