In recent decades, reinforced concrete (RC) shear walls have been one of the best structural solutions to resist lateral load in high-rise buildings. Shear wall openings are essential for preparations and architectural requirements, which weaken the wall, reducing bearing capacity, energy absorption, and stiffness while also causing stress concentrations. This paper presents a comprehensive finite element (FE) investigation of the behavior and performance of RC shear walls with openings and subjected to lateral loads. The study aims to evaluate the influence of various parameters, such as opening location, size, wall aspect ratio, axial load, and concrete strength, which affect the performance of shear walls. FE models were developed to simulate the seismic response of RC shear walls under the combined effect of constant axial and lateral loads. The obtained results from the FE model showed a successful validation using the experimental data available in the literature. The FE analysis results demonstrate that the inclusion of lower openings leads to a 25% decrease in the bearing capacity of the wall when compared to the upper openings. Moreover, it was observed that augmenting the sizes of the openings and the aspect ratios of the wall resulted in declines in the strength, stiffness, and energy absorption capacity of the wall while simultaneously enhancing the ductility and displacement of the RC shear walls.