High-strength steel fabricated framed-tube structure with replaceable shear link (HSS-FTS-RSL) was proposed. One 2/3 scaled sub-structure specimen of HSS-FTS-RSL was fabricated. Low cycle reciprocating loading test was carried out for the specimen to study its seismic performance, including failure modes, hysteretic behaviors, and replaceability. The simplified numerical model of HSS-FTS-RSL was established by using OpenSees, and the analysis results of this model had good agreement with the test results. Three simplified numerical models of HSS-FTS-RSL with different layouts of shear links were considered to investigate their seismic performance through the nonlinear dynamic analysis. The results show that the specimen had good seismic performance, with the failure of energy dissipation beam section under cyclic loading. The maximum interstroy drifts could meet the demands in the seismic code under the ground motions. The high-strength steel could reduce the stress in spandrel beams and columns but not increased the amount of steel of the structures. The maximum residual story drifts ranged from 0.028% to 0.148%, which were lower than the maximum residual story drift of 0.41% for replacing shear links obtained from the test. Considering the seismic performance and repairability of the structure, it was suggested that the shear links of HSS-FTS-RSL should be arranged in three-span interval according to the analysis results.