Space heating and cooling of buildings is a major contributor to the ascending trend of global energy consumption and greenhouse gas (GHG) emissions. A potential solution to reduce the space heating and cooling is to use buildings’ mass for active thermal energy storage (TES). Having air circulation between an active TES and its associated zones can significantly enhance their thermal coupling; however, reported research studies have not focused on this kind of active TES. To that end, this study aimed to evaluate the thermal performance of a ventilated block wall (VBW) in reducing space heating and cooling loads in cold-climate buildings. In this system, air is circulated between a zone and the voided cores of a VBW, where the air exchanges heat with the wall before returning to the zone. To have a generalizable assessment of the system’s performance, typical-day and annual energy analyses were conducted under various boundary conditions and air circulation speeds. The study found that for a typical day with significant temperature fluctuation, a VBW with a 2 m/s air circulation speed throughout the day can lead to 67% more net energy exchange (the sum of thermal energy storage and release) when compared to having no air circulation. The annual analysis compared the energy performance between a VBW and a traditional wood-frame wall in three different cold climates. The results showed that substituting a wood-frame wall with a VBW can reduce space heating and cooling loads by 35.1 kWh/m2 (wall surface area) for a mixed dry–cold climate throughout the year. Having cement plaster as interior finishing can lead to 9% more net energy exchange than having drywall, on average, for all zone air temperature profiles.