A cold-formed steel shear wall with centre-corrugated steel sheathing (CCSS-CFS shear wall) was innovatively developed to meet the requirement of earthquake resistance for multi-rise CFS structures in regions at high seismic risk. This wall exhibits superior seismic performance in comparison with the conventional CFS shear wall. Five full-size specimens were tested under cyclic loading to evaluate their failure mode, shear strength, lateral stiffness, ductility, energy dissipation, as well as degradation of bearing capacity and stiffness. Additionally, the effects of CFS frame structure forms, screw spacing, and corrugated steel sheet thicknesses on the behaviour and failure mechanism of shear walls were analysed. The seismic performance objectives corresponding to intact, slight, moderate, and severe damage were also determined. The results revealed that the main failure modes of shear walls were plastic buckling of corrugated steel sheathing and local buckling of the end composite stud. Optimising configurations such as setting up stiffening plates on the end composite stud, installing transverse braces, and increasing screw spacing between composite studs and sheathing significantly improved their behaviour. The strength of corrugated steel sheathing after plastic buckling should be taken into consideration for the lateral design of the CCSS-CFS shear wall. A calculation method was also proposed in order to determine the elastic global buckling shear strength of the CCSS-CFS shear wall – which exhibited high accuracy. Finally, nominal shear strength, a resistance factor, and a safety factor were recommended.