Buckling restrained knee braced truss moment frame (BRKBTMF) is a novel and innovative steel structural system that utilizes the advantages of long-span trusses and dedicated structural fuses for seismic applications. Steel trusses are very economical and effective in spanning large distance. However, conventional steel trusses are typically not suitable for seismic application, due to its lack of ductility and poor energy dissipation capacity. BRKBTMF utilizes buckling restrained braces (BRBs) as the designated structural fuses to dissipate the sudden surge of earthquake energy. This allows the BRKBTMF to economically and efficiently create large span structural systems for seismic applications. In this paper, a prototype BRKBTMF office building located in Berkeley, California, USA, was designed using performance-based plastic design procedure. The seismic performance of the prototype building was assessed using the state-of-the-art finite element software, OpenSees. Detailed BRB hysteresis and advanced element removal technique was implemented. The modeling approach allows the simulation for the force-deformation response of the BRB and the force redistribution within the system after the BRBs fracture. The developed finite element model was analyzed using incremental dynamic analysis approach to quantify the seismic performance of BRKBTMF. The results show BRKBTMF has excellent seismic performance with well controlled structural responses and resistance against collapse. In addition, life cycle repair cost of BRKBTMF was assessed using the next-generation performance-based earthquake engineering framework. The results confirm that BRKBTMF can effectively control the structural and non-structural component damages and minimize the repair costs of the structure under different ranges of earthquake shaking intensities. This studies conclude that BRKBTMF is a viable and effective seismic force resisting system.