Precast segmental reinforced concrete (RC) piers have been widely used in the construction of offshore bridges to speed up construction. Offshore bridges in cold regions are inevitably affected by the seawater freeze–thaw cycles under the periodic movement of tides, which could reduce the mechanical property of RC piers. Based on the low cyclic loading test on 12 specimens with different seawater freeze–thaw cycles, axial compression ratio, diameters of longitudinal reinforcement, and stirrup spacing, the hysteresis characteristics of precast segmental RC piers were analyzed. The test results show that the peak load decreased by 11%, while the peak displacement increased by 40% after 125 seawater freeze–thaw cycles. The hysteresis curves became fuller and the residual displacement became smaller with the accumulation of freeze–thaw damage. In the same 125 freeze–thaw cycles, the peak load increased by 15% and 27% while increasing the axial compression ratio and the longitudinal reinforcement diameter. Combined with the regression analysis of the experimental results, the restoring force model of RC piers considering the seawater freeze–thaw damage and design parameters was established, and the calculation method of each characteristic point in the model was given. The deviation values of flexural capacity are not more than 6.5%, and the deviation values of peak displacement are not more than 12%. The restoring force model determined in this paper could provide a reference for seismic response analysis of offshore bridges in cold regions.