Fold-fastened multi-cellular steel wall (FMSW) is an innovative cold-formed steel (CFS) built-up wall member, which is constructed by assembling numerous specific cell cross-sections with hook-shaped and groove-shaped folded regions. This paper investigated the ultimate axial resistance of FMSW members through numerical and theoretical studies. Firstly, the refined finite element (FE) models were established to simulate the axial compressive behavior of FMSWs. The accuracy and validity of FE analysis technology were verified by comparing the FE results with existing test results obtained from CFS built-up members with various cross-sectional types. Then, an extensive parametric study was conducted to reveal the effects of different parameters, including the thickness of steel plate, steel strength, cellular dimensions, width of the fold-fastened region and indented spacing. Finally, a design formula was derived to predict the ultimate axial resistance of FMSWs by adopting the effective width method (EWM), where the section with local buckling was excluded in calculations. Based on the comparison between theoretical and numerical results, the prediction formula was reliable for designing FMSWs in engineering practice.