To prevent brittle damage and improve the post-earthquake rapid repair capability of beam–column connections, a precast reduced beam section (PRBS) connection joint that can be rapidly repaired under earthquake action was proposed in this study. Four specimens, including a repaired specimen, were subjected to a quasi-static test to investigate the seismic performance and repair ability of the connection. Seismic performance indices such as the failure mode, hysteresis curve, skeleton curve, strain distribution, and ductility were obtained through observations and analyses. The results indicated that the novel connection exhibited superior load-bearing, energy dissipation, and rotation capacities, compared to the welded flange-bolted web and traditional bone-weakened connections. This novel connection effectively relocated the plastic hinge to alter the failure mode and prevent brittle damage. Additionally, rapid post-earthquake repair was achieved by replacing the dog-bone-style splice section, maintaining a high load-bearing capacity and seismic performance. Finite element (FE) models were established to analyze the mechanical behavior of the specimens, and a parametric analysis was conducted to study the influence of different parameters on the load-bearing capacity of the connection. Based on the experimental and FE analysis results, the possible yield and failure modes of the connection were analyzed, and a calculation method for the bearing capacity of the PRBS connection was proposed. A comparative result demonstrates that the proposed calculation method can accurately predict the load-carrying capacity of a connection.