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Experimental investigations were conducted to evaluate the lateral load-deflection characteristics of lightgage steel stud/gypsum wallboard panel combinations subjected to lateral cyclic loads. In all, six 8′ × 8′ specimens were tested. A reasonable one-to-one correspondence between the strap area increase and the increase in the contribution from the strap to the overall loadcarrying capacity of the panel at intermediate and high drift ratios was observed. The panel lateral stiffness for a given stabilized cycle degraded by about 7% to 15% as compared with the lateral stiffness of the corresponding virgin cycle. Lateral stiffness degradation increased as the drift ratios became larger. The energy dissipation ability of the panels in the stabilized cycle was about 60% of the virgin cycle. An average value of equivalent viscous damping for all the cycles based on panel hysteretic behavior was about 12%.