In order to research the effect of different layout forms of steel plate on the axial compression behavior of a steel plate-concrete composite shear wall, this paper presents the experimental results and analysis of the axial compression behavior of a composite shear wall, with different layout forms of steel plate. A total of three tests were carried out, composed of two composite walls with built-in steel plate, and one composite wall with two skins of steel plate. The gross dimensions of the three specimens were 1206 mm × 2006 mm × 300 mm. Experimental results show that the composite wall with two skins of steel plate has an optimal ability of elastic-plastic deformation, and the maximum axial compressive bearing capacity among the three specimens. Using the energy method, the critical local buckling stresses of steel plate were calculated, and compared with the yield stresses. According to different confined actions of concrete, concrete constitutive models were proposed, and the axial compressive strengths of confined concrete were calculated. Considering the local buckling of steel plate and confined concrete, the calculation formula of the axial compression of the composite wall was put forward, and the calculated results were in good agreement with the test results. Therefore, the different layout forms of steel plate have a great influence on its buckling, and on the concrete inhibition effect, which can affect the axial compressive bearing capacity of the composite wall.