This paper focuses on husk mortar wallboard, which is a new type of energy-saving composite wallboard with new materials and complex working mechanism. There are eight total different dimensioned panels tested. Six of them are openings (window or door), with different opening rates; the other two are full panels with same dimensions. Based on the experimental data, they are analyzed under both horizontal and vertical direction loading, combined with the finite element analysis to reveal the working characteristics. The finite element model of husk mortar energy-saving wallboards is established by ANSYS software. Finally, the finite element results are compared with the experimental results from three aspects: ultimate load, failure mode and load displacement curve, which verifies the correctness of the finite element model.