In strong earthquakes, low-cycle fatigue fractures may occur in the bolted connections of steel braced frames. Ensuring a high low-cycle fatigue life for high-strength bolted connections is of paramount significance in enhancing the overall safety and collapse resistance of steel structures. Despite substantial research on plate fatigue failure within bolted connections, there remains a research gap regarding low-cycle fatigue failure of high-strength bolts in these connections. This study aims to address the aforementioned shortcomings by conducting 34 sets of low-cycle fatigue tests on high-strength bolted connections. The test specimens all experienced low-cycle shear fatigue fracture at the threaded or unthreaded portion of the bolt shank as the dominant failure mode. Residual deformations were observed in the holes of connection plates. Based on the test data, ultimate shear capacity of a single shear connection is around 0.61Fy (tensile yield bearing capacity of bolt) when the shear force passes through the unthreaded portion and drops to 0.54Fy for the shear force at the thread. The untreated Q355 (minimum yield strength of 355 MPa) steel surface has an average anti-slip coefficient of around 0.37, while milling reduces it to approximately 0.30. The influence patterns of loading amplitude, bolt material, minimum plate thickness, bolt diameter, shear force position and connection type on low-cycle fatigue life are given by range analysis. Among them, variance analysis shows that loading amplitude and bolt material are the primary influencing factors. The correlation coefficient between loading amplitude and low-cycle fatigue life is −0.92, indicating a strong negative correlation. The degradation amount and rate of anti-slip capacity and shear capacity of bolted connections are also investigated. To propose reliable life prediction method, three models were used to establish the relationship between dimensionless shear deformation and low-cycle fatigue life of 10.9-grade high-strength bolted connections. It is not appropriate to use the fatigue categories defined in current standards to predict the low-cycle shear fatigue life of high-strength bolted connections.