There are few technical documents regulated structural performance and engineering criteria in domestic market for Structural insulated panels in Korea. This paper was focused to identify fundamental performance under monotonic loading and cyclic loading for SIPs in shear wall application. Load-displacement responses of total twelve test specimens were recorded based on shear stiffness, strength, ultimate load and displacement. Finally energy dissipation of each specimen was analyzed respectively. Monotonic test results showed that ultimate load was 44.3 kN, allowable shear load was 6.1 kN/m, shear stiffness was 1.2 MN/m, and ductility ratio was 3.6. Cyclic test was conducted by two kinds of specimens: single panel and double panels. Cyclic loading results, which were equivalent to monotonic loading results, showed that ultimate load was 45.4 kN, allowable shear load was 6.3 kN/m. Furthermore the accumulated energy dissipation capability for double panels was as 2.3 times as that for single panel. Based on results of structural performance test, it was recommended that the allowable shear load for panels should be 6.1 kN/m at least.