In recent years, glass fiber reinforced inorganic composite insulation wall panels(GRC composite insulation wall panels) have been widely welcomed and used in many provinces due to their good seismic performance. In order to study the seismic performance of GRC composite insulation wall panels in steel frame structures and verify whether they meet the requirements of the code for the use of non-load-bearing external enclosure systems under frequent earthquakes, rare earthquakes, and magnitude-9 seismic events, two groups of full-scale specimens (external and embedded GRC composite insulation wallboard-steel frame structure) were designed and tested under low cyclic reversed loading. The seismic performance of the GRC composite insulation wall panel-steel frame structure under different connection modes was studied, including hysteresis performance, ductility and strength degradation, and the failure mode of the GRC composite insulation wall panels during the test. The results showed that there were no penetrating cracks and large-scale cracks in the wall panels of the two groups of specimens throughout the testing process, and only relative deformation occurred at the joints between the panels. The connection between the external wall panels and the frame was reliable, and the connecting bolts between the top of the embedded wall panels and the frame were easy to cut or pull off. Both specimens showed good seismic performance, with full hysteresis curves, degradation coefficients exceeding 0.91, and displacement ductility coefficients greater than 1.99. The external hanging and embedded GRC composite insulation wall panel-steel frame structure met the requirements of relevant specifications and regulations under frequent earthquakes, rare earthquakes, and magnitude-9 seismic events.