Different researchers have conducted researches on steel plate shear wall considering different parameters to show the effects of lateral load resisting system against seismic environment to investigate the overall behaviour of steel plate shear wall. Although these researchers have presented the effects of these parameters on steel plate shear wall, they didn’t show the failure mode effect of each parameter. This research work is conducted to evaluate steel plate shear wall under cyclic and monotonic load and there by examining the behavioural change and failure mode of steel plate shear wall when variations of different parameters are considered. A finite element model using a general purpose software ABAQUS is used to investigate effects of aspect ratio, plate thickness, yield strength, column flexibility parameters under monotonic loading, and vertical and horizontal stiffener of steel plate shear wall panels under cyclic loading on three storey steel plate shear wall. It is observed that when the aspect ratio increases the failure mode changes from all part of panel one failure to some part. The original local failure from both ends of beam one and at the base of the column is observed as no beam and column failure. At minimum plate thickness, the failure effect is observed at panel one. An increase in plate thickness with the same aspect ratio changes the failure mode of panel one from full failure to local failure. Yield strength in this study has significant impact in stiffness and strength up to 355N/mm2 and the more flexible the structure is the less stiffness it behaves. In cyclic loading condition of horizontal and vertical stiffener application of infill plate on steel plate shear wall, aspect ratio 1.4 is effective out of the three aspect ratios and the horizontal and vertical stiffener of infill plate shear wall increases the capacity of steel plate shear wall by 22.62%.