In this study, the Gasar process and vapor phase dealloying (VPD) method were combined to fabricate a massive three-level hierarchical porous silver (MTHPS), which composed of interconnected micron-sized, submicron-sized, and nanoporous structures. The key aspect of this study lies in the preparation of a hypoeutectic Gasar Mg91.6Ag8.4 alloy with the regular micron-scale pore structure as the dealloying precursor, improving the size of the hierarchical porous metal. Under high vacuum conditions, by adjusting the dealloying time and temperature, MTHPS samples with various morphologies were obtained. After dealloying, the MTHPS exhibited Gasar pores (diameter 376 ± 86 μm), submicron pores (diameter 465 ± 125 nm), and a continuous ligament/channel structure (pore size less than 70 ± 40 nm). The coarsening index was 3.6258, and the activation energy was measured to be 0.95 eV, indicating that the formation and coarsening of the pores during VPD are attributed to surface diffusion. The calculated evaporated mass of the precursor alloy after dealloying was very close to the experimental value (±0.004 g), indicating that the evaporation of Mg occurred simultaneously in both solid and liquid phases during the VPD process. This study elucidates the phase transformation characteristics, structural control, and diffusion mechanisms of MTHPS prepared by VPD, providing valuable insights for further research and applications of MTHPS.