Poplar laminated veneer lumber (poplar LVL) is made of fast-growing poplar veneer and structural adhesive, which can well meet the developing requirement of the modern wood structures. This paper mainly focuses on the lateral loading behavior of the poplar LVL shear wall. For this purpose, six shear wall specimens with different opening types were fabricated and tested under the action of monotonic and cyclic loading. Performances were analyzed on the failure pattern, the load-displacement curve, the shear strength, the ultimate displacement, the elastic lateral stiffness, and the energy dissipation. To strengthen the corner joint, an innovative custom-designed hold-down was adopted, and the mechanical performance was also considered. The results showed that the failure of the specimen was mainly due to the yield of the nails and the separation between the stud and the base plate, while the hold-down can greatly improve the shear strength, the ultimate displacement, and the energy dissipation performance of the poplar LVL shear wall without openings. At last, the evaluation formula of the bearing capacity for the light wood shear wall is proposed so as to promote the theoretical basis for the application of poplar LVL in the light wood frame construction.