A shaking table test on a three-story one-bay steel frame model with metallic yield dampers and their parallel connection with oil dampers is carried out to study the dynamic characteristics and seismic performance of the energy dissipation system. It is found from the test that the combined energy dissipation system has favorable reducing vibration effects on structural displacement, and the structural peak acceleration can not evidently be reduced under small intensity seismic excitations, but in most cases the vibration reduction effect is very good under large intensity seismic excitations. Test results also show that stiffness of the energy dissipation devices should match their damping. Dynamic analysis method and mechanics models of these two dampers are proposed. In the analysis method, the force-displacement relationship of the metallic yield damper is represented by an elastic perfectly plastic model, and the behavior of the oil damper is simulated by a velocity and displacement relative model in which the contributions of the oil damper to the damping force and stiffness of the system are considered. Validity of the analytical model and the method is verified through comparison between the results of the shaking table test and numerical analysis.