The prefabricated eccentrically braced frames (PEBFs) are a novel structural system that incorporates semi-rigid connections into eccentrically braced frames (EBFs). This innovation significantly improves construction efficiency and facilitates the replacement of damaged members after an earthquake, reducing maintenance costs and time. This study tested the failure mechanism and feasibility of post-earthquake replacement of this type of structure under low cyclic-reversed loading test on single-story plane specimens. The results indicate that the structural system has great energy dissipation and bearing capacity. The failure mechanism of PEBFs occurs at the connection of the end plate of the link, with no evident buckling deformations or cracks in other components, thus achieving the original design objective of concentrating plastic deformation or damage in the removable component. The experimental verification of the feasibility of replacing the link after an earthquake shows that the structural system can still maintain excellent seismic behaviour. Successively, the ultimate load-bearing capacity formula for PEBFs, and the relationship between the plastic rotation angle of the link and inter-story drift were established and validated by the test. Finally, a validated 3-D finite element model was established, and the parameter analysis was conducted to further explore the factors affecting the seismic behaviour of PEBFs.