Considering the failure mechanism and weaknesses of traditional fabricated shear wall structures under strong earthquakes, a new type of fabricated shear wall with functions of energy dissipation and shock absorption was proposed. On the basis of model test and numerical simulation, seismic performance tests were carried out on four specimens with scale ratio of 1∶1.54 and shear span ratio of 1.52. Further analysis was conducted to investigate the effects of bolt number, axial compression ratio, and reinforcement ratio of edge members on the seismic performance of the new fabricated shear wall, including failure modes, hysteretic performance, bearing capacity, displacement ductility, stiffness degradation, and energy dissipation capacity. Test results show that the four specimens experienced shear compression failure, which was the same as the cast-in-place shear wall with the same shear span ratio. However, the proposed shear wall had better hysteretic performance and energy dissipation capacity, and the energy dissipation capacity was higher than that of the cast-in-place shear wall at the failure point. When the number of bolts decreased, the hysteretic performance of the new fabricated shear wall decreased, the wall deformation increased, while the bearing capacity remained almost unchanged. When the axial compression ratio or reinforcement ratio of edge members decreased, the bearing capacity decreased, and the ultimate displacement increased. Finally, the finite element model of the specimens was established by ABAQUS program. Comparisons of numerical results and test results showed a good agreement, verifying the correctness of the model, which can be applied to the analysis of the new fabricated shear wall.