In this paper, a novel type of precast concrete beam-column connection based on the ideal plastic hinge failure mechanism is proposed. This connection mainly includes a hinge shaft and multi-slit devices (MSDs). In order to investigate the seismic performance of the proposed precast concrete beam-column joint, the theoretical calculation method of MSD was first proposed, and its accuracy was verified based on the finite element (FE) analysis. Then, based on the proposed calculation method, two kinds of MSDs were designed to connect the precast concrete beam-column joint. The seismic performance of the precast joints was analyzed by FE models, and compared with the monolithic joint. The analysis results indicate that the seismic performance of the proposed precast beam-column joint is superior to that of the monolithic joint in terms of strength, stiffness, deformation, and energy dissipation capacity. Meanwhile, the MSD can be replaced after damage in earthquakes, which is convenient for rapid repair of prefabricated structures. Overall, the proposed precast beam-column joint shows excellent seismic performance and repairability. Therefore, the proposed beam-column connection method can provide a reference for the application of prefabricated structures in high seismic intensity regions.