In this paper, the loading mechanism of steel-fiber-reinforced concrete (SFRC) shear wall (SW) under low-cycle repeated loading is analyzed, and the softened strut-and-tie model (SSTM) of SFRC SW composed of horizontal and vertical resistant members and diagonal strut is proposed, in which the contributions of distributed web reinforcement, concrete, and steel fiber (SF) to the shear bearing capacity (SBC) of SFRC SW is identified. Furthermore, a new algorithm to obtain the SBC of SFRC SW is established, and then it is validated by using the test results of steel-fiber-reinforced high-strength concrete (SFHSC) SW and SFRC SW under low-cycle repeated loading. The results show that the calculated values are in good agreement with the experimental values for the 11 SFRC SWs, and the average strength ratio between calculated and experimental values (Vjh,t/Vjh,c) is 0.958. Therefore, the proposed calculation method is scientific and accurate for analyzing and predicting the SBC of SFRC SW. In addition, the proposed calculation method can scientifically and accurately analyze and predict the SBC of SFRC SW.