To develop the cold-formed steel (CFS) building from low-rise to mid-rise, this paper proposes a new type of CFS composite shear wall building system. The continuous placed CFS concrete-filled tube (CFRST) column is used as the end stud, and the CFS-ALC wall casing concrete composite floor is used as the floor system. In order to predict the seismic behavior of this new structural system, a simplified analytical model is proposed in this paper, which includes the following. (1) A build-up section with “new material” is used to model the CFS tube and infilled concrete of CFRST columns; the section parameters are determined by the equivalent stiffness principle, and the “new material” is modeled by an elastic-perfect plastic model. (2) Two crossed nonlinear springs with hysteretic parameters are used to model a composite CFS shear wall; the Pinching04 material is used to input the hysteretic parameters for these springs, and two crossed rigid trusses are used to model the CFS beams. (3) A linear spring is used to model the uplift behavior of a hold-down connection, and the contribution of these connections for CFRST columns are considered and individually modeled. (4) The rigid diaphragm is used to model the composite floor system, and it is demonstrated by example analyses. Finally, a shaking table test is conducted on a five-story 1:2-scaled CFS composite shear wall building to valid the simplified model. The results are as follows. The errors on peak drift of the first story, the energy dissipation of the first story, the peak drift of the roof story, and the energy dissipation of the whole structure’s displacement time–history curves between the test and simplified models are about 10%, and the largest one of these errors is 20.8%. Both the time–history drift curves and cumulative energy curves obtained from the simplified model accurately track the deformation and energy dissipation processes of the test model. Such comparisons demonstrate the accuracy and applicability of the simplified model, and the proposed simplified model would provide the basis for the theoretical analysis and seismic design of CFS composite shear wall systems.