Current robotic systems can understand the categories and poses of objects well. But understanding physical properties like mass, friction, and hardness, in the wild, remains challenging. We propose a new method that reconstructs 3D objects using the Gaussian splatting representation and predicts various physical properties in a zero-shot manner. We propose two techniques during the reconstruction phase: a geometryaware regularization loss function to improve the shape quality and a region-aware feature contrastive loss function to promote region affinity. Two other new techniques are designed during inference: a feature-based property propagation module and a volume integration module tailored for the Gaussian representation. Our framework is named as zero-shot physical understanding with Gaussian splatting, or PUGS. PUGS achieves new state-of-the-art results on the standard benchmark of ABO-500 mass prediction. We provide extensive quantitative ablations and qualitative visualization to demonstrate the mechanism of our designs. We show the proposed methodology can help address challenging real-world grasping tasks. Our codes, data, and models are available at https://github.com/EverNorif/PUGS