This paper proposes a time history response analysis method which can predict the ultimate behavior of base-isolated buildings caused by buckling fracture of laminated rubber bearings. In the method, the characteristics of the bearings are represented by a macroscopic mechanical model expanded by adding an axial spring to an existing model. The nonlinear spring models are used for its rotational spring and shear spring, and the central difference method is applied to solve the equations. In order to verify the validity of the method, simulation analyses for shaking table tests of a base-isolated structure model. The results of the analyses indicate that the proposed method accurately expresses nonlinear behaviors of laminated rubber bearings, such as load degradation, hardening and negative stiffness under large deformation.