A disadvantage of the conventional quasi-static test method is that it does not consider the soil restraint effect. A new method to test the seismic performance of prefabricated specimens for underground assembled structures is proposed, which can realistically reflect the strata restraint effect on the underground structure. Laboratory work combined with finite element (FE) analysis is performed in this study. Three full-scale sidewall specimens with different joint forms are designed and fabricated. Indices related to the seismic performance and damage modes are analyzed comprehensively to reveal the mechanism of the strata restraint effect on the prefabricated sidewall components. Test results show that the strata restraint effect effectively improves the energy dissipation capacity, load-bearing capacity, and the recoverability of the internal deformation of the precast sidewall components. However, the strata restraint effect reduces the ductility of the precast sidewall components and aggravates the shear and bending deformations in the core region of the connection joints. Additionally, the strata restraint effect significantly affects the seismic performance and damage mode of the prefabricated sidewall components. An FE model that can be used to conduct a seismic performance study of prefabricated specimens for underground assembled structures is proposed, and its feasibility is verified via comparison with test data.