A steel-bamboo SI (skeleton-infill) system with steel frame as the skeleton and bamboo box as the filler is proposed, which realizes the requirements of building assembly and sustainable development. As a first step in studying the seismic behavior of the steel-bamboo SI (skeleton-infill) system, a simplified plane steel frame-bamboo infilled wall structure is tested under low-cycle reversed loading in this paper. The deformation mode, failure mode, hysteretic behavior and energy dissipation performance of the system are discussed. The test showed that the steel frame and the bamboo infilled wall were well connected and could work together. Then, the formulas for calculating the lateral stiffness of the system and the axial stiffness of the equivalent diagonal brace which replaced the infilled wall are obtained by theoretical analysis. The error between theoretical calculation and test results was about 1.3%, which proved the correctness of the proposed formula.