Reinforced concrete buildings with shearwalls are very efficient to resist earthquake disturbances. In general, reinforced concrete frames are governed by flexure and shearwalls are governed by shear. If a structure included both frames and shearwalls, it is generally governed by shearwalls. However, the ductility of ordinary reinforced concrete is very limited. To improve the ductility, a series of tests on framed shearwalls made of corrugated steel was performed previously and the experimental results were compared with ordinary reinforced concrete frames and shearwalls. It was found that ductility of framed shearwalls could be greatly improved if the thickness of the corrugated steel wall is appropriate to the surrounding reinforced concrete frame. In this paper, an analytical model is developed to predict the horizontal load-displacement relationship of hybrid reinforced concrete frame-steel wall systems according to the analogy of truss models. This analytical model is based on equilibrium and compatibility conditions as well as constitutive laws of corrugated steel. The analytical predictions are compared with the results of tests reported in the previous paper. It is found that proposed analytical model can predict the test results with acceptable accuracy.