Scaffolding is an integral temporary structural system in the field of construction engineering. However, the current scaffolding commonly has the shortcomings of low construction efficiency and high risk. This paper proposes a novel socket-type keyway steel pipe scaffolding, which can well solve the shortcomings of the existing scaffolding. Due to less research related to scaffolding in the past decades, it has resulted in a high number of scaffolding accidents. In order to avoid the occurrence of scaffolding accidents, it is necessary to systematize the study of this novel type of scaffolding. This study is an extremely important reference for the use and design of this novel type of scaffolding. To explore the ultimate load capacity and destabilization mode of the novel socket-type keyway steel pipe scaffolding, full-scale tests were conducted on the socket-type keyway steel pipe scaffolding with cantilever heights of 1.2 m and 0.5 m. The test results indicate that the ultimate load capacity of the scaffolding with a cantilever height of 1.2 m is 196 kN, and the destabilization mode is local instability. The ultimate load capacity with a cantilever height of 0.6 m is 276 kN, and the destabilization mode is half-wave buckling. This phenomenon shows that the different cantilever heights of the scaffolding have a significant effect on the load capacity and destabilization mode. Moreover, the load capacity decreases significantly with increasing cantilever length. The finite element model was established using SAP2000 v21 and compared with the test results. The error between the ultimate load capacity in the finite element linear elastic buckling analysis and the test results is 25%. The error between the calculated ultimate load capacity in the nonlinear buckling analysis considering the initial geometrical defects and the test results is 4%. Therefore, the nonlinear buckling analysis considering the initial geometrical defects is more in line with the force situation of the structure in the real situation.