The concept and geometric design of a novel friction "plastic hinge" structure with high safety and low cost were proposed to achieve the seismic objective of accurate energy dissipation and repairable damage under large earthquakes. Based on the design theory of the beam-column ductility steel joint structure, the mechanical property theory and working mechanism of the structure were deduced, and the static elastoplastic analysis of the steel frame structure was conducted. Through the finite element software ABAQUS, the numerical analysis model of five working conditions were established, and the cyclic reciprocating displacement load analysis of the finite element model was conducted to explore the seismic performance of the new friction "plastic hinge" structure. The results showed that only the shear failure of shear bolt occurred in the model, indicating that it can realize the accurate energy dissipation and rapid repair of the structure. The model had good rotational performance, which can meet the requirement of story drift angle. The friction energy dissipation increased with increasing prestress and friction coefficient of the rotary load bolt. The bearing capacity of the theoretical analysis and that of the finite element analysis were 15.92 kN and 15.84 kN, respectively, basically agreeing with each other. The equivalent viscous damping coefficient of shear bolts in shear stage and friction stage were 0.318 and 0.671, respectively. The formation and development of the friction "plastic hinge" in a steel frame can meet seismic performance requirements, and the pushover analysis can be used as an effective way to evaluate the seismic performance of the structure.