As a new type of grain barn wall component, the “Structure-Insulation” integrated wall panel (SIW) has excellent characteristics such as a high-bearing capacity and good insulation performance. In order to study its mechanical properties under grain load, this paper designed three wall panels with different thicknesses, carried out static loading tests on them, studied their cracking and ultimate load, and analyzed the development trend of the wall panel’s crack and deflection. In order to study the reliability of wall panels under stochastic conditions, the performance functions of the wall panel under deflection and strength control conditions were established. The reliability analysis was carried out by using the response surface method and finite element software. The sensitivity degree of each random parameter to different performance functions was quantified. The results show that, under the maximum grain load condition, the deflection of the designed specimens is less than l0/250, and the crack width is less than 0.2 mm, both of which meet the requirements of the normal use limit state. The cracking loads of the three specimens are 13.02, 14.75, and 16.49 kN/m2, respectively, with corresponding crack widths of 0.06, 0.07, and 0.06 mm. The ultimate load is 65.1, 75.52, and 82.47 kN/m2, with corresponding maximum crack widths of 1.66, 1.60, and 1.61 mm, respectively. The reliability indexes of the deflection and strength of the thinnest specimens are β1=2.60 and β2=3.26, respectively, which meet the safety conditions of ductile failure. The parameter affecting the reliability of concrete deflection is the grain gravity density, with a correlation coefficient of −0.707. The parameter affecting the reliability of concrete strength is concrete strength, with a correlation coefficient of 0.935. Combined with the static load test and reliability analysis, the designed wall panel can meet the normal use of grain under full load and has good reliability. Sensitivity analysis can provide a reference for the optimization of practical engineering design.