RCES composite structures, which combine the advantages of high bearing- and good anti-seismic capacity of ordinary steel reinforced concrete (SRC) with the characteristics of energy-saving and environmental protection of recycled concrete, are beneficial to promote the use of recycled concrete. However, the bond–slip behavior and load transfer mechanism are essential issues of RCES composite structures. This paper primarily focused on the load transfer mechanism and bond–slip behavior of RCES composite structures subjected to cyclic loading. A total of 14 specimens, which were designed with different replacement ratios of recycled concrete, cover thicknesses of H-shaped steel, transverse reinforcement ratios, and recycled concrete strengths, were tested to investigate the load transfer mechanism and interface damage. The results indicate that the whole loading procedure can be divided into four phases and four limit points. The bonding shear damage of a specimen develops rapidly, and most damage happened during 0~0.2 mm slip. The bonding stress values of chemical bonding stress τca, friction resistance stress τf, and mechanical biting stress τm were calculated. Moreover, in order to reflect the influence of cyclic loading, a degradation factor ξ was proposed. The mean values of chemical bonding stress τca: friction resistance stress τf: mechanical biting stress τm are 1:0.187:0.696, in which the chemical bonding stress is the largest, friction resistance stress is the second, and the mechanical biting stress is the least.