Porous lead zirconate titanate–lead zinc niobate (PZT–PZN) piezoelectric ceramics with interconnected pore channels were fabricated using the camphene-based freeze-casting method. In this method, warm PZT–PZN/camphene slurries with various solid loadings (10, 15, 20, and 25 vol%) were prepared by ball milling at 60°C and then cast into molds at 20°C, resulting in the formation of solidified green bodies comprised of three-dimensionally interconnected camphene dendrite networks and concentrated ceramic particle walls. After the removal of the frozen camphene via sublimation, the samples were sintered at 1200°C for 2 h. All of the fabricated samples showed highly porous structures, consisting of fully dense PZT–PZN walls without defects, such as cracks or pores. As the initial solid loading was decreased from 25 to 10 vol%, the porosity was linearly increased from 50% to 82%. This increase in the porosity led to a reduction in the permittivity, a moderate decline in the d33 value, and a rapid decline in the d31 value, which endowed the porous samples with a high hydrostatic figure of merit (HFOM). The highest HFOM value of 35650 × 10−15 Pa−1 was achieved for the sample with a porosity of 82%, as well as ɛ33=284, dh=298 pC/N, and gh=118 × 10−3 V·(m·Pa)−1.