The design shear strength equations of RC shear walls have been developed based on their performance under in-plane (IP) loads, thereby failing to account for the potential performance degradation of shear strength when subjected to simultaneous out-of-plane (OOP) loading. Most of the previous experimental studies on RC walls have been conducted in one direction under quasi-static conditions, and due to the difficulty in experimental planning, there is a lack of research on cyclic loading and results under multi-axial loading conditions. During an earthquake, shear walls may yield earlier than their design strength or fail unexpectedly when subjected to multi-directional forces, deviating from their intended failure mode. In this paper, nonlinear analysis in finite element models was performed based on the results of cyclic loading experiments on reinforced concrete shear walls of auxiliary buildings. To investigate the reduction trend in IP shear capacity concerning the OOP load ratio, parametric analysis was conducted using the shear wall FEM. The analysis results showed that as the magnitude of the OOP load increased, the IP strength decreased, with a more significant effect observed as the size of the opening increased. Thus, the necessity to incorporate this strength reduction as a factor for the OOP load effect in the wall design strength equation should be discussed by performing various parametric studies.