This paper reports the experimental and analytical results and their discussion of isolated multistory reinforced concrete shear walls subjected to bilateral deformations under axial load. When shear walls were subjected to bilateral deformations, the axial compressive strain in the compression-side boundary column developed during out-of-plane loading as well as in-plane loading, and their deformation capacity was dominated by compression failure of the panel wall where compressive strain of concrete in panel wall reached to the strain incapable of bearing any compression force, beyond the strain at its maximum strength. This strain development caused poor deformation capacity of shear walls subjected to bilateral deformations. However, this resist : ing mechanism of concrete in panel wall to axial force during out-of-plane loading delayed compression failure of boundary columns of shear walls subjected to bilateral deformations under high axial load.