There are many horizontal joints on precast concrete (PC) wall panel structures, which certainly has a significant impact on the seismic behavior of structures. This paper proposes a novel alveolar-type horizontal joint, which has advantages of convenient and rapid assembly. Six precast concrete wall specimens with alveolar-type joints were designed and constructed, and they were weakly connected by spliced rebars anchored into grouted sleeves to meet the requirements of structural performance. The pseudo-static loading tests on these specimens were conducted to investigate the effects of influencing factors, such as the axial compression ratio, the thickness of wall (interface contact area), and the addition of a vertical grouted sleeve connection at the horizontal joint, on the seismic performance of PC walls. Analyses and comparisons were conducted in terms of the cracking propagation pattern, failure modes, force–displacement hysteretic curves, skeleton curves, bearing capacity, ductility factors, and energy dissipation of PC walls. It was concluded that the axial compression ratio and adding grouted sleeve connection had a significant influence on the cracking mode of PC walls, whereas the impact of the wall thickness was slight. The shear capacity and energy dissipation capacity of specimen dramatically enhanced by increasing the axial compression ratio or adding grouted sleeve connection. The PC wall exhibits good ductility after adding the vertical grouted sleeve connection at a horizontal joint. However, the ductility factor increases firstly and then decreases in the enhancement of the axial compression ratio. The reduction in wall thickness has remarkable impacts on the shear strength and energy dissipation capacity of specimens, but the influences on ductility were not significant. The prediction method for calculating the shear capacity of PC walls with alveolar-type horizontal joints was proposed based on the experimental data, and these calculated results are in good agreement with the experimental results.