Based on concepts of mechanics, a mechanical model of novel type of steel plate composite shear wall is presented. The novel type of structure is formed by steel plate shear wall and T-shaped solid-web composite columns. Flexural stiffness of steel beams, lateral stiffness of the T-shaped solid-web composite columns, shear stiffness of steel plate composite shear wall and shear stiffness of beam-column connection are taken into account in the mechanical model. And the equivalent damping between steel plate and boundary is considered. Based on the deformation features of structures and the calculation hypothesis, the lateral stiffness model and the energy dissipation model of structures are developed. Meanwhile, the calculation equations of elastic ultimate and plastic ultimate of shear strength of structures are set up. The theoretical analysis results inosculate better with the results of experiment. The comparison between the result calculated from the formula and the experimental result shows that the calculation precision is high enough to meet the demand of theoretical analysis. The difference, including equivalent model, stress states, manufacturing defect and installation error, between the formula and the experiment has been further discussed.