Separately designed shear links with flat webs are favored due to their stable energy dissipation capacity and superior mechanical properties. However, the welding process between a flat steel web and stiffeners increases the residual stress and reduces the plasticity of the link. Additionally, this welding process increases the amount of steel required and the cost of the specimens. To address these concerns, corrugated plates have been introduced as shear link webs. Corrugated webs provide the expected shear capacity with less thickness and do not require welded stiffening ribs. These corrugated webs increase plastic deformability and mitigate the adverse effects of welding between the web and stiffeners on seismic performance. To investigate the peak load, mechanical properties, hysteresis behavior, and failure mode of shear links with corrugated webs, cyclic loading tests were conducted on seven specimens. The hysteresis curves, energy dissipation coefficients, skeleton curves and shear stress distributions of the specimens were comparatively analyzed. Furthermore, the effects of parameters such as theta, b, and the height of the web on the stiffness, peak load, ductility, and energy dissipation performance of the shear links were investigated. Based on the rotating stress field theory, a model for the peak load of a shear link with a corrugated web was developed. The results showed that the shear links with corrugated webs exhibited good energy dissipation capacity, and the energy dissipation coefficients were all greater than 2.95, with a maximum bearing capacity of 300.69 kN. The maximum difference between the calculated results using the proposed model and the test data was 19.21 %, validating the suitability of the model for predicting the peak load of replaceable shear links with corrugated webs.