The majority of low-cycle loading tests on reinforced concrete (RC) beam-column joints were currently conducted under constant axial loads. During earthquake shaking, the axial load on the joints fluctuates due to the overturning moment and vertical ground vibration. Particularly in exterior beam-column joints, where beam shear occurs on only one side, the range of axial load variation is significantly larger. To elucidate the impact of varying axial loads on the seismic performance of exterior beam-column joints, low-cycle loading tests were conducted on four groups of full-size beam-column subassemblage specimens. Two identical specimens from each group underwent low-cycle loading tests with constant and varying axial loads, respectively. Based on the experimental findings, this paper examines the differences in cyclic behaviors among comparison specimens, focusing on damage characteristics, joint shear strength, stiffness degradation, displacement ductility, and longitudinal bar slip. The study suggests that compared to specimens subjected to constant axial loads, the comparison specimens exhibit variations in load-carrying capacity corresponding to the fluctuations in axial load. Furthermore, varying axial loads accelerate post-peak stiffness and strength degradation, leading to reduced ductility. Additionally, specimens in one of the comparison groups exhibited different failure models when subjected to varying axial loads and constant axial loads, specifically beam failure and joint failure, respectively. Numerical simulations of the corresponding beam-column subassemblages were conducted on the Opensees platform to elucidate how the two axial loading methods affect the transformation of failure modes. A subsequent parametric study focusing on the axial compression ratio was performed to further explore the impact of varying axial loads on the seismic behavior of beam-column joints.