This study investigates the hysteretic performance of corrugated steel plate composite shear walls. Six shear walls were designed for experimental research to analyze the failure process and mode, hysteresis diagrams, backbone curves, energy consumption capacity, and stiffness degradation. The peak loads of SPCSW-1, SPCSW-2, and SPCSW-3 were 688.8 kN, 733.0 kN, and 547.2 kN, respectively, representing increases of 252.8%, 200.4%, and 141.8% (compared with SPSWs: 272.5 kN, 365.7 kN, and 385.8 kN). According to the experimental failure mode, the conventional model was further optimized to achieve corner cracking. The optimization scheme and mechanism analysis of the model were explored. The shear strength formula for a horizontal corrugated steel plate composite shear wall was revised, considering the adverse effect of corner failure, and the shear sharing percentage was determined. The simulation results indicate that the steel type may affect the peak load of the composite shear wall. The energy consumption ratio of the outside concrete, steel plate, and tension column to the pressure column is 13:3:3:1; the ratio is minimally affected by the steel type. The steel skeleton cannot provide full support due to stress concentration after the failure of the concrete corner, which causes adverse conditions. The revised formula was demonstrated to be more accurate for the shear strength calculation of a horizontal corrugated steel plate composite shear wall.