The seismic performance of prefabricated reinforced concrete shear walls is a key point in the safety of the whole assembly structure under earthquake actions. In this study, six specimens of reinforced concrete shear walls were assembled with a cast-in-place vertical joint with a straight, L, or convex shape. The specimens were tested using a low cyclic loading test under an axial compression ratio of 0.2 or 0.3. The stress process, failure pattern, and hysteretic curve of each specimen were measured. Combined with a numerical analysis using the finite element method, the variations in the bearing capacity, stiffness degradation, ductility, and energy dissipation capacity of the tested specimens were analyzed. Results showed that all specimens failed in a shear pattern without an obvious failure phenomenon along the vertical joint. The hysteresis curves exhibited an obvious pinch phenomenon and good deformation ability. The seismic behavior decreased in sequence for the shear walls assembled with a cast-in-place vertical joint with a straight, L, or convex shape, while a higher axial compression ratio improved the bearing capacity of the shear walls. The shear wall with an L-shaped vertical joint had similar seismic behavior to that with a straight vertical joint, but the shear wall with a convex vertical joint exhibited a decrease of 8.5% and 10.9% in bearing capacity, 18.2% and 1.2% in ductility, and 13.1% and 20.6% in energy dissipation, respectively, under an axial compression ratio of 0.2 and 0.3. The bearing mechanisms of shear walls with different vertical joints are explained with the numerical analysis of the stress vector maps of concrete and the stress cloud maps of reinforcements at different stress levels.