In view of the proposal of embedded steel plate concrete shear wall with concrete filled steel tube columns which contains a new kind shear connector of tie-bars through the circular holes linking concrete layers on both sides of the plate. In order to prove the seismic performance of walls with circular holes on the plate, three steel plate shear wall specimens, including the plate without holes bolted with columns, welded with columns, and the perforated plate welded with columns, were tested under cyclic loading. According to the results, the load-bearing capacity, ductility, energy dissipation, hysteretic behavior and failure phenomena were analyzed. It is showed that the load-bearing capacity of the three specimens were quite close. However, the wall with perforated steel plate has better ductility, energy dissipation and hysteretic behavior. So, it is an effective way to improve the seismic performance of walls by means of embedded perforated steel plate instead of ordinary ones.