This paper presents a type of prefabricated concrete wall panel building system with novel flexible alveolar-type joints, which has the advantages of fast assembly and controllable quality. Seven alveolar-type joint specimens were designed and fabricated to investigate the influence of the axial compression ratio, the size of the joint (in the interface contact area), and the strength of the mortar on the joints’ performance. The shear–slip constitutive model of the alveolar-type joints was established on this basis. The accuracy of the constitutive model was verified by comparing two full-scale loading tests with the exact finite element analysis model of ABAQUS. A finite element model of a multi-story apartment building was established by using the aforementioned shear–slip constitutive model; thus, the simplified analysis method for the prefabricated concrete wall panel building structure with alveolar-type joints was proposed. It was concluded that increasing the axial compression ratio, mortar strength, and size of the joints could increase the shear-bearing capacity by different degrees and that the 50 mm depth joint could increase the capacity by 18.6%. The proposed shear–slip constitutive model simulated the interface mechanism well by comparing the test results. Furthermore, the simplified analytical methods of the integral structure were in good agreement with the FEA results.

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