The seismic performance of friction isolated structure is greatly affected by the friction coefficient, and the combination of low friction material and limit device is an available option. Via the Motion State module simulating the friction conditions and the Bouc Wen model describing the restoring characteristic of the steel dampers, a single-degree-of-freedom model was established to investigate the influence of the friction coefficient and limit stiffness on the isolation effect. Then, for the evaluation of the seismic performance of the proposed isolation system with molybdenum disulfide (MoS2) sliding bearings and steel dampers, the shaking table tests of a 1/5 scaled five-story reinforced concrete frame structure model, subjected to three ground motions with different peak ground acceleration, were implemented to obtain the isolation layer drift, absolute acceleration, inter-story shear and damage energy of the structure under the testing conditions of free sliding, limited sliding, multi-dimensional seismic excitation, and top additional layer sliding. It is found that the ideal friction coefficient for sliding isolated structure is 0.03–0.07, and the corresponding reasonable elastic stiffness of steel dampers is (0.2–0.5) Ks that is the stiffness of the structural standard story, and the proposed MoS2 sliding bearing presents remarkable low-friction characteristic with a friction coefficient of 0.04–0.05. The appropriate steel dampers can reduce the isolation layer drift without obviously increasing the acceleration. The low-frequency components in the ground motion significantly increase the isolation layer drift, while the high-frequency components cause the superstructure acceleration to show a K-shaped distribution along the height. Moreover, the proposed isolated system can be effectively used for structural protection under multi-dimensional earthquakes, the sliding additional layer on the roof can be considered as the second defense line in the structural seismic design, and the seismic energy the superstructure bears can directly estimate the seismic isolation effect that is consistent with the analysis result of dynamic response.