Steel structure is susceptible to corrosion, and corrosion will seriously affect its own load-bearing capacity and service life. In this paper, the axial compressive behavior of double-steel-plate composite shear wall (DSCW) with binding bars under different corrosion degrees is experimentally studied. The typical failure modes include the steel plate local buckling, binding bars fracture, concrete crushing, and steel plate weld tearing. The increase of corrosion rate has unfavorable influence on the axial compressive bearing capacity, initial stiffness, and ductility of DSCW. Finite element (FE) models are established to further investigate the axial compressive behavior of DSCW. It is concluded that the concrete and steel plate strength grade, the concrete section area, the steel plate thickness, and the binding bars diameter and spacing significantly affect the axial compressive bearing capacity of DSCW. A formula calculating the axial compressive bearing capacity of corroded DSCW with binding bars is proposed. The formula agrees well with the test results and can provide a reference for the engineering application.