Seven specimens were loaded with axial force and horizontal cycle force to analyze the hysteretic performance and the influencing factor as well. The influence of axial compression ratio and aspect ratio on the hysteretic performance was investigated, including the buckling behaviors and the energy dissipation. And the positive role of combined effects on the hysteretic performance of cold-formed specimens was studied emphatically. The experiment reveals that a large axial compression ratio incurs a serious decrease on hysteretic performance, while the combined effects give an increase on it. In addition, the numerical mode is set up. Considering double nonlinearity, the results of experiment and simulation match each other well. Based on the data, it is obtained that local buckling plays a great negative role during the loading course. At last, the characteristics of hysteretic performance of cold-formed steel specimens are concluded and some suggestions are given.