This study proposes a concrete superposed shear wall with hollow panel (CSWP) structure system, which comprises precast hollow concrete walls and slabs that are cast together with cast-in-place concrete. To investigate the seismic performance and damage evolution, a full-scale two-story CSWP specimen was tested under a horizontal low-cyclic reversed loading test. The results show that the specimen exhibited an overall shear-flexure failure mode, with a stable and relatively full hysteresis curve, and an average ductility coefficient of 3.49. Based on the test results, drift ratio limits for the CSWP structure system are proposed. The maximum residual drift ratio was 0.44%, demonstrating favorable post-earthquake reparability. Meanwhile, a refined finite element model was developed, the simulated hysteresis curve, skeleton curve, and damage distribution agree well with the experimental results, with the peak load error within 0.87%. In addition, a two-stage working mechanism (shear-flexure stage and shear-flexure-slip stage) was revealed based on the observed response. To quantify the contribution of energy dissipation caused by slip, the Park-Ang damage model was improved by introducing residual deformation, and the results showed that flexural energy dissipation consistently accounted for more than 60% of the energy term in the modified damage model. This study comprehensively evaluated the seismic performance and damage evolution of a full-scale CSWP structure system based on experimental results, data analysis, and numerical simulations. Meanwhile, the effectiveness of each joint connection was verified, providing a reference basis for the design principles, construction techniques, and structural system seismic performance evaluation of the double-superposed shear wall structure system.