Conventional eccentrically braced frames (EBFs) exhibit significant residual deformations following major earthquakes, necessitating costly repairs for the damaged structures. This study proposed a novel self-centering Y-eccentrically braced frames (SC-YEBFs) system to enhance the seismic resilience. A theoretical mechanical model which takes into account its components is formulated to predict the lateral load behavior of SC-YEBFs. The pseudo-static experiments were conducted on four specimens, and the resulting observations and analyses demonstrate that the shear links effectively function as ductile fuses, dissipating a significant portion of the input energy to safeguard the main frame from damage. Furthermore, the self-centering joint exhibits a hinge-like behavior with remarkable self-centering characteristics. The structural reparability of all specimens was found to be exceptional during major seismic events. By increasing the initial prestress and sectional area of steel strands, the self-centering performance can be further enhanced. The damaged shear links could be easily detached by loosening bolts, and the consideration of prestress loss is nonnegligible to ensure an exceptional self-centering performance. The proposed theoretical model predicted the mechanical properties of SC-YEBFs, including lateral stiffness, energy dissipation, and self-centering mechanism, through a comparison with experimental results. Moreover, the theoretical model was utilized to propose an equivalent simulation method for simulating self-centering joint and shear link using Connector function in ABAQUS software, while establishing a simplified frame finite element model for further analysis.