Steel plate-concrete shear walls (SPSW) serve as the containment of AP1000 and CAP1400 nuclear power stations and of the stress components of the internal plants in nuclear power stations. Structures with SPSW have advantages of modular construction and strong seismic and impact resistance. In the 1960s, Japan began to apply the steel stiffening concrete seismic structural structure. A series of studies on shear capacity and the stiffness and ductility of SPSW structures have been conducted in many countries, such as the US and Japan [

1]. Other relevant research is based on low-cycle reciprocal tests. Lubell et al. [

2] conducted an experimental testing on two single and one four-story steel shear wall specimens under cyclic quasi-static loading. Hjjar et al. [

3] performed a low-cycle reciprocal test on a 1:2 scale model of SPSW structure and found its high bearing capacity, energy-consumption mechanism, and good ductility. The test results show that the superposition principle is basically true [

4]. Berman et al. [

5] conducted an experiment on the light-gauge steel plate shear walls and braced frames to study the hysteretic behavior. They revealed that the energy dissipated per cycle and the cumulative energy dissipation are similar for the two structures. Later, Gan, Zhao, and Wang et al. [

6,

7,

8] studied the seismic behavior of the steel plate-reinforced concrete shear wall by using the quasi-static test. Li and li [

9] investigated the out-of-plane seismic behavior of steel plate and concrete infill composite shear walls (SCW). They found that SCW has a better ultimate capacity and lateral stiffness. Huang et al. [

10] proposed an innovative concrete-filled double-skin steel plate SCW and investigated its seismic behavior. By conducting a quasi-static cyclic test, the wall is confirmed to have good seismic performance.

In recent years, various scholars have simulated the hysteretic curve and stiffness reduction rate of SPSW through finite element simulation. Rafiei et al. [

11] presented and verified the finite element model to simulate the behavior of a novel SCW consisting of the two skins of profiled steel sheeting and an infill of concrete under in-plane loadings. Hu et al. [

12] analyzed the moment-curvature behavior of concrete-filled steel plate SCW using refined material constitutive models. Peter et al. [

13] presented the development and benchmarking of a detailed 3D nonlinear inelastic finite element model to predict the lateral load-deformation response and behavior of the 1/6th scale test structure. Nguyen et al. [

14] presented a numerical study of steel-plate concrete composite walls by using the general-purpose finite element program ABAQUS. The influence of key design variables, including the reinforcement ratio, connector type, and faceplate slenderness ratio, were likewise studied. Wang et al. [

15] investigated the hysteretic performance of the SPSW wall by using Open Sees software. Moreover, parameters such as the steel plate ratio, axial compressive load ratio, concrete strength, and web reinforcement ratio were analyzed. Yamatani [

16] performed a low-cycle reciprocal test of SPSW with holes at the lower position under the shear-span ratio of 0.7, a distance–thickness ratio of 100, and opening area ratio of 0.3. Other scholars proposed the concept of reduction coefficient to evaluate the bearing capacity of an SPSW wall. Satou Kouichiet al. [

17] conducted a numerical simulation of an SPSW structure and found that a numerical simulation is applicable for the calculation and analysis of the performance of shear walls with holes. Ishida Masatoshi [

18] analyzed the seismic behavior of an SPSW structure by using theories and finite element simulation. Fujita Tomohiro and Oosuka et al. [

19,

20] performed anti-shear tests on SPSW structures with holes. Adding sleeves and using increased thickness surface steel plates on the shear wall were determined to be effective reinforcement methods. Some scholars also used the XFEM (the eXtended Finite Element), XIGA (the eXtended IsoGeometric Analysis) and Jaya algorithm to predict the occurrence of cracks and other defects in walls and slab [

21,

22,

23].

So far, steel plate-concrete shear walls are studied widely. However, the influence of holes and axial loading on the behavior of steel plate-concrete shear walls are neglected in most studies. Thus, the seismic behavior of steel plate-concrete shear walls is completely different when the influences are considered. In the study, a series of low-cycle reciprocal loading tests are conducted on an SPSW structure with holes, thus obtaining the ultimate bearing capacity and failure mode of the structure. The influences of holes and reinforcing measures and axial loads of components on the seismic behavior of an SPSW structure are analyzed, thus determining the difference between theoretical and test values. The seismic behavior and stress mechanism of SPSW specimens are discussed theoretically.