This study proposes an innovative precast shear wall system, called an EVE precast hollow shear wall structure (EVE-PHSW). Precast panels in EVE-PHSW are simultaneously precast with vertical and horizontal holes. Noncontact lap splices of rebars are used in vertical joints connecting adjacent precast panels for automated prefabrication and easy in situ erection. The seismic behavior of EVE walls was examined through a series of tests on six wall specimens with aspect ratios of 1.0～1.3. Test results showed that EVE wall specimens with inside cast-in situ concrete achieved the desired “strong bending and weak shear” and failed in shear mode. Common main diagonal cracks and brittle shear failure in squat cast-in situ walls were prevented. Inside cast-in situ concrete could significantly improve the shear strength and stiffness of EVE walls. The details of boundary elements (cast-in situ or prefabricated) and vertical joints (contiguous or spaced) had little effect on the global behavior of EVE walls. Noncontact lap splices in vertical joints could enable EVE walls to exhibit stable load-carrying capacity through extensive deformations. Evaluation on design codes revealed that both JGJ 3-2010 and ACI 318-14 provide conservative estimation of shear strength of EVE walls, and EVE walls achieved shear strength reserves comparative to cast-in situ walls. The recommended effective stiffness for cast-in situ walls in ASCE 41–17 appeared to be appropriate for EVE walls.