This study investigates the seismic behavior of low-aspect-ratio reinforced concrete (RC) shear walls when subjected to bi-axial lateral loading, using nonlinear finite element analysis. A three-dimensional finite element model was developed with the DIANA program and validated against previously reported experimental results. Subsequently, a parametric study was conducted by varying the wall aspect ratio of horizontal reinforcing bars under both uni-axial and bi-axial loading conditions. The analysis results show that bi-axial loading reduces shear strength by a significant amount compared to uni-axial loading, and the reduction becomes more pronounced as the aspect ratio decreases. For low-aspect-ratio walls, the influence of horizontal reinforcement on shear strength was limited, while sensitivity to bi-axial loading increased. These findings indicate that uni-axial loading–based evaluation methods may overestimate the seismic capacity of low-aspect-ratio RC shear walls.