In order to understand the loading path and further anticipate the bearing capacity of the staggered perforated RC flanged shear walls, this paper proposed an improved strut-and-tie model and perforated reduction coefficient based on the theoretical and numerical analysis. The finite element model has been validated experimentally. The parametric study was conducted numerically to investigate the influence of shear-span ratio, axial compression load ratio, flange, dimension of perforation, and the additional rebar on the seismic performance of shear walls. When the ratio of perforation area to the wall is ranged from 10% to 26%, the proposed strut-and-tie model can effectively predict the loading path and the lateral ultimate bearing capacity with the different combinations of shear-span ratio and axial compression load ratio; however, if the ratio of the perforation area is either lower than 10% or higher than 26%, the proposed strut-and-tie model is not applicable. While the perforated reduction coefficient can be used to calculate the lateral ultimate bearing capacity of the perforated shear wall.