In order to realize the goal of load-bearing and thermal insulation integration of prefabricated steel residential buildings, a new type of load-bearing and thermal insulation integration wall with concealed bracing was proposed. The interior of the wall is steel braced frame, filled with foamed cement and other thermal insulation materials, and the exterior is provided with bidirectional steel mesh and mortar layer. The filling of foamed cement in the frame has great influence on the horizontal bearing capacity and lateral stiffness of the structure. Taking the height-width ratio of the walls and the existence of concealed bracing in the walls as the variable parameters, six one-bay and one-story integrated walls were tested under low-cycle reversed loads, and the horizontal bearing capacity, lateral stiffness and hysteresis characteristics of each specimen were obtained. The results show that the setting of concealed bracing can obviously improve the horizontal bearing capacity and lateral stiffness of the load-bearing and thermal insulation integration wall. Compared with steel braced frame, the new type of load-bearing and thermal insulation integration wall has higher horizontal bearing capacity and lateral stiffness, and its energy dissipation capacity and deformation characteristics are also better. The height-width ratio has a significant impact on the lateral resistance of load-bearing and thermal insulation integration wall. The larger the height-width ratio is, the smaller the horizontal bearing capacity, and lateral stiffness and energy dissipation capacity of the wall will also be. The calculation formula of the horizontal bearing capacity of the new type of load-bearing and thermal insulation integration wall was provided, and the calculation results are in good agreement with the experiment.