In this study, a procedure is developed to evaluate and improve the seismic performance of long-span suspension bridges based on the performance objectives under the fragility function framework. A common type of suspension bridge in China was utilized in the proposed procedure, considering its approach structures according to earthquake damage experience and fortification criteria. Component-level fragility curves were derived by probabilistic seismic demand models (PSDMs) using a set of nonlinear time-history analyses that incorporated the related uncertainties such as earthquake motions and structural properties. In addition, one step that was covered was to pinpoint the capacity limit states of critical components including bearings, pylons, and columns. The stepwise improved seismic designs were proposed in terms of the component fragility results of the as-built design. Results of the comparison of improved designs showed that the retrofit measure of the suspension span should be selected based on two attributes, i.e., displacement and force, and the restraint system of the approach bridges was a key factor affecting the reasonable damage sequence. Necessarily, from the comparison of different system vulnerability models, the mean values of earthquake intensity of system-level fragility function developed by the composite damage state indices were used to assess the overall seismic performance of the suspension bridge. The results showed that compared to the absolutely serial and serial-parallel assumptions, the defined composite damage indices incorporating the thought of component classification and structural relative importance between the main bridge and approach structures were necessary and were able to derive a good indicator of seismic performance assessment, hence validating the point that the different damage states were dominated by the seismic demands of different structures for the retrofitted bridges.