This research describes the structural behavior of profiled steel sheet dry board (PSSDB) composite wall panels under shear and axial loading based on experimental, theoretical and finite element (FE) analyses. The proposed PSSDB walling system consists of an individual profiled steel sheet (PSS) assembled with a single or double plywood dry board (DB) with or without concrete in-fill. The influences of various parameters such as presence or absence of concrete-infill/opening and boundary frame as well as DB-PSS/DB-PSS-DB/PSSDB-frame connections/fasteners and panel geometric/material properties on load-deformation response, ultimate load capacity and failure modes are investigated. Experimental results of PSSDB wall panels were used to validate the performance of FE and theoretical models for predicting the shear and axial strength capacity. The FE analysis coupled with experimental and theoretical analyses provides a better understanding of the structural performance of PSSDB walls and hence, helps to develop design guidelines for their use as structural units in buildings.