Current prefabricated shear walls predominantly utilize grouting sleeves for connection, whereas an in-depth review and summary of the current state of research have indicated a 26.7 % construction defect rate in these sleeves due to present construction techniques. To solve the problem of defects, this study introduced a novel prefabricated shear wall design using vertical rebars connected via pressed cone sleeves (PCSs). Three reinforced concrete (RC) prefabricated shear walls with different vertical rebars connected and tested under cyclic horizontal load and constant vertical load to study the seismic performance, including cast-in-situ shear wall (specimen SW1), partial sleeve grouting defects shear wall (specimen SW2) and shear wall with vertical rebars connected via PCSs (PCSs-SW, specimen SW3). Key performance indicators such as failure modes, hysteresis curves, shear capacity, stiffness, ductility, energy dissipation capacity and stress characteristics were evaluated. The results of the tests revealed that SW1 and SW3 failures resulted from a combination of bending moment and shear force, whereas SW2 failure in the area of grout sleeve defects connection. Compared to the specimen SW2, the SW3 owns better shear bearing capacity, ductility, stiffness, energy dissipating capacity and reliable seismic performance. Meanwhile, SW3 and SW1 exhibited the similar seismic performance, can primarily achieve the effect of “equivalent cast-in-situ”. Finite element (FE) model of specimen SW3 were developed by using software ABAQUS, and the precision and utility of FE models verified by testing data. Using proposed FE models, an extensive parametric study was conducted to investigate the influencing factors on the seismic performance of precast fabricated RC shear wall, including axial compression ratio, concrete strength, vertical rebar strengths and vertical rebar diameters.