The enormous energy carried by discharged water poses a serious threat to the Piano Key Weir (PKW) and its downstream hydraulic structures. However, previous research on energy dissipation in PKWs has mainly focused downstream effects, and the research methods have been largely limited to physical model experiments. To deeply investigate the discharge capacity and hydraulic characteristics of PKW, this study established a PKW model with universally applicable geometric parameters. By combining physical model experiments and numerical simulations, the flow pattern of the PKW, the discharge at the overflow edges, and the variation in the energy dissipation were revealed for different water heads. The results showed that the discharge of the side wall constitutes the majority of the total discharge at low water heads, resulting in a relatively high overall discharge efficiency. As the water head increases, the proportion of discharge from the inlet and outlet keys increases, while the proportion from the side wall decreases. This change results in less discharge from the side wall and a consequent reduction in the overall discharge efficiency. The PKW exhibits superior energy dissipation efficiency under low water heads. However, this efficiency exhibits an inverse relationship with an increasing water head. The overall energy dissipation efficiency can reach 40% to 70%. Additionally, the collision of the water flows inside the outlet chamber and the mixing of the overflow jet play a primary role in energy dissipation. The findings of this study have significant implications for hydraulic engineering construction and PKW operational safety.