In this study, a foam-infilled corrugated CFRP panel was proposed to improve the bearing capacity and energy dissipation of infill panels for steel plate shear wall (SPSW) as an effective lateral force resisting system in constructions. The horizontal corrugated CFRP panels were fixed to both sides of the inner steel plate, and polyethylene terephthalate (PET) foams were infilled between the steel plate and the corrugated panel. With the aim of fully exploiting the strength, the interaction between the infill panel and the boundary frame elements was investigated to guide the design of vertical boundary elements (VBEs) and horizontal boundary elements (HBEs). Equations for the shear buckling strength of the CFRP-steel sandwich shear wall (CFSSW) were analytically obtained to facilitate the design of the buckling restraining effect. Theoretical analyses of the force transfer mechanism between the wall panel and the boundary frame element were also presented. In addition, finite element models were developed to investigate the effect of the bending stiffness of the VBE on the load carrying capacity. Based on the theoretical and numerical analyses, the response of single-span two-story FE models for SPSW and CFSSW with steel frames (SF) were compared to further evaluate the hysteretic behavior of CFSSW. Finally, simplified models for CFSSW with tension-compression and tension-only trusses were proposed to facilitate practical design.