Inverted V-braces and their central gusset plate connections are popular patterns of brace arrangements for special concentrically braced frames (SCBF). To improve the understanding of their seismic performances and promote their applications in seismic designs, the hysteretic behavior of nine I-section inverted V-braces and their gusset plate connections subject to inelastic cyclic loading is examined through experiments and analytical simulations. It is found that the clearance at the brace end on the gusset plate, the locations of the intersection point of bracing members, and the ratio of the free edge length to the gusset plate thickness are the key parameters. The loading capacities of braced frames show no decrease before the brace low-cycle fatigue fracture, but a longer plateau at a lower load level exists in the hysteretic loops. Although specimens with a linear clearance exhibit better seismic behaviors, a negative clearance is also acceptable as long as the gusset plate does not fracture prior to the braces. A brace intersection point with moderate eccentricity is preferable for its better behavior and its economical dimension of the gusset plate, but the brace point location in the gusset plate could induce out-of-plane deformations in the gusset plate and cause the system ductility to deteriorate. Based upon test results, a suggested limitation of the ratio of the free edge length to thickness for the gusset plates is presented.