SummaryThe energy dissipation capacity of conventional viscoelastic dampers (VEDs) cannot be fully exerted due to the relatively small inter‐story displacement of building structures. Thus, a novel VED with a displacement amplification mechanism based on the lever principle is developed in this study to achieve small displacement but high energy dissipation ability. First, the structural layout of an amplified viscoelastic damper (AVED) system is briefly introduced, and then the displacement amplification effect is described in detail. According to the working principle of the AVED and the relationship of force and geometric displacement in an actual frame structure, the restoring force theoretical formula of the corresponding amplified damper is derived. Based on the restoring force of the AVED and in combination with the secondary development function of the ABAQUS unit, a VUEL subroutine suitable for the explicit algorithm is programmed with the FORTRAN language. Then, the correctness of the subroutine is verified through a comparative analysis of the ABAQUS simulation and theoretically calculated results. Consequently, the vulnerability analysis of a high‐rise steel frame structure is conducted by using the incremental dynamic analysis (IDA) method, and the influence of the AVED on the seismic performance of the steel frame structure is quantitatively analyzed from the perspective of probability statistics. The analysis results show that compared with the VED structure, the failure probability of the AVED‐2 and AVED‐3 structures reaching the ultimate failure state at all levels is reduced by approximately 43% and 57%, respectively, and the collapse margin ratio (CMR) of structures under large earthquakes is increased by approximately 35% and 68%, respectively. This indicates that the AVED structures with displacement‐amplified dampers have a better effect on the seismic stability of tall steel frame structures under random seismic excitations. This study aims to provide comprehensive information for the seismic‐resistant design of tall buildings in earthquake‐prone regions.