Masonry structures have demonstrated their seismic vulnerability during recent world seismic events. This paper investigates in-plane seismic performance of unreinforced masonry (URM) walls before and after they are retrofit using fiber-reinforced polymer (FRP) materials. An assessment of available design formulas for evaluating both the in-plane performance of URM walls and the contribution of FRP strengthening systems was performed. Walls with two configurations of the FRP reinforcement have been analyzed: one based on FRP strips installed parallel to the mortar joints, the other characterized by FRP strips arranged along the diagonals of the wall. Based on shear-compression tests carried out on FRP-strengthened masonry walls available in the literature, a comparison between theoretical and experimental data is performed. A discussion about the FRP strains at failure of the walls is provided and values of effective FRP strains to be used for design purposes are proposed.