Truss-reinforced double steel plate-recycled aggregate concrete composite (TSRCC) walls are novel composite walls that provide an effective way to recycle waste concrete. Based on the results of relevant tests, the finite element (FE) software ABAQUS was adopted to simulate the axial compression performance of the TSRCC low wall. Influences of different parameters on the mechanical response of the TSRCC low wall were studied. Finally, the results of the parametric analysis were compared with those obtained by relevant calculation formulas. The comparison revealed that main factors affecting the bearing capacity include the replacement ratio of recycled coarse aggregate, the strength and thickness of the steel plate, the strength of recycled aggregate concrete (RAC), the truss horizontal spacing, the wall thickness and width. The bearing capacity calculated by the T/CECS 625–2019 method was the closest to the FE simulation result, while the AISC 360–16 method presented the most conservative estimate.