Recently, the light-type pier can be easily observed in urban elevated roads and bridge structures. This type of pier is broadly used in the field of structural engineering. The Thin-Walled Steel-Reinforced Concrete Pier (TSRCP), as the typical pier of the light-type piers, shows a better mechanical performance than the conventional reinforced concrete pier due to the enhancement of the H-shape steel. In terms of the TSRCP, the designed parameters, including the depth–width ratio (DWR) and axial compression ratio (ACR), have been determined in this study as the concerned variables. Then, a low cyclic loading experiment is conducted based on the three test specimens to investigate the effects of the concerned variables on the failure of the specimens. Meanwhile, some comparative studies are carried out based on the failure processes and modes, critical loading values (cracking, yielding and ultimate state), strain and ductility. The obtained experimental results demonstrate that all specimens illustrate a bending failure mode under the vertical and horizontal low cyclic loadings. Furthermore, for the concerned variables, the increasing DWR will reduce the ultimate bearing capacity of the TSRCP but enhance the plastic deformation. For the ACR, the decrease positively affects the cracking load, further improving the ultimate bearing capacity; however, the deformation capacity will be restrained. Finally, Abaqus is adopted to model the failure processes of three specimens; the comparative study has been conducted based on the simulated and experimental results. After that, the effects of the concerned variables on the failure performances are discussed. Meanwhile, the horizontal ultimate bearing capacity calculated equation for the TSRCP was deduced and validated based on the experimental and simulated data; the verification proves that the proposed equation can obtain a good result. In this study, the complex calculated process of the original equation can be simplified, which not only provides a convenient and useful way to design and manufacture this type of component but can serve as a guideline for validating the practical engineering applications.