Cold-formed steel (CFS) framed shear walls with steel sheathing are promising lateral-force-resisting members of mid-rise buildings in seismic regions. Previous studies have demonstrated that steel sheathed CFS framed shear walls have high shear capacity but some shortcomings, such as the low ductility caused by the premature damage of the frame and the shear buckling of the sheathing. This paper presents an experimental study on a novel type of CFS framed shear wall with slitted steel sheathing (CFS-SSWs), which uses longitudinal slits to change the failure mode of the sheathing so that the ductility of the wall can be improved; Meanwhile, stiffeners are utilized to enhance the out-of-plane stability of the slitted sheathing and the integrity of the wall. Six full-scale CFS-SSW specimens were tested under monotonic and cyclic lateral loading. Three types of stiffening approaches (Type I, Type II and Type III) were adopted for the walls. Test results were analysed to investigate lateral performances of walls under different stiffener arrangements, including failure modes, load-displacement hysteresis curves, backbone curves, stiffness and strength degradation, and energy dissipation capacity. The measured strengths of the walls in the tests were assessed using theoretical indexes. It is found that peak loads and energy dissipation capacity of stiffened walls are noticeably higher than those of the unstiffened wall. Type II and Type III are effective stiffening approaches that could mitigate the buckling of the slitted sheathing and enable the links between the slits to reach the full plastic strength. By connecting the stiffeners and studs through stiffener connectors, Type III has the most significant enhancement on the stiffness, strength and ductility of the wall.