Porous Pd42.5Cu30Ni7.5P20 bulk glassy alloy rods with porosities up to 71% were successfully prepared by water quenching in a 15 MPa hydrogen atmosphere, followed by heat treatment in a supercooled liquid state. Pores with sizes up to 80 μm were homogeneously distributed over the whole cross-sectional area. Under compressive deformation, the porous alloys with porosities exceeding 41% did not show macroscopic fracture in a wide compressive strain range up to 0.6. Mechanical tests with porous alloy rods whose pores are anisotropically oriented indicate that the plasticity of the porous alloy is strongly affected by stress concentration factor.