O-Stable Panel is a new type of assembled structural wall. To evaluate the performance properties of the O-Stable Panel system, three integral prefabricated panel specimens with different vertical connections at the bottom and one full cast-in-place panel specimen were designed and tested under the low cycle lateral reciprocating loading. The performance of the prefabricated O-Stable Panel systems with different vertical connection configurations was compared with those of the full cast-in-place panel. The investigation reveals that all prefabricated O-Stable panel specimens developed vertical cracks penetrating through thickness of the panels at the panel joint and at the positions where panel thickness variation occurs at the ultimate failure state. The O-Stable panels possess the likely symmetric and stable hysteretic curves and no pinching appearance in shape of the curves. The panel with grouting sleeve in vertical joint for steel rebar appears sharp degrading in seismic index as the lateral drift of the wall increases beyond yield of the panel. For the assembled panel with preinstalled rebar stretched into the foundation beam for the vertical rebar joints, it has very close values in the hysteretic energy dissipation as that in the full cast-in-place panels.