A floor slab carries and distributes the floor load in a structure and is an important component that affects overall structural performance. Therefore, it is important to investigate the mechanical properties of such materials. In this study, flexural performance tests under static load are conducted for an innovative thin-walled steel–timber composite floor slab, and the failure mode, bearing capacity, stiffness, deflection, and strain development are investigated. The results show that the floor slab can be quickly assembled using self-tapping and wood screws and exhibits good flexural performance. Using ABAQUS finite-element software, the effects of the oriented-strand board (OSB) thickness, thin-walled–steel-plate height, steel strength, and boundary conditions on the flexural performance of composite floor slabs are investigated. Furthermore, based on the EN1995–1-1 code and equal-section conversion principle, the simplified beam-unit model is established for the theoretical calculation of the composite floor slab. The effective bending stiffness is calculated by considering the influence of the slip modulus of the connector, and the stress distribution law of the section is analysed. The results provide a reliable design basis and reference for the application of thin-walled steel–timber composite floor slabs in engineering practice.