This paper presents a novel type of replaceable shear link with a variable cross-section. The proposed design involves expanding the cross-sectional area and employing fully bolted connections to the non-energy-dissipating components. This design approach not only facilitates the concentration of plastic deformation within the energy-dissipating region but also ensures easier implementation of elastic design due to the bolted connections. To assess the seismic performance of the variable cross-section replaceable link, three distinct section configurations were designed for cyclic loading tests: a low-yield-point (LYP160) specimen without weakening in the energy-dissipating region, a Q235 ordinary steel specimen with an opening in the energy-dissipating region, and an ordinary steel specimen with a long oval opening in the energy-dissipating region. Through the cyclic loading tests, the seismic performance of the replaceable shear link was examined thoroughly. The experimental results indicate that plastic deformation primarily occurs within the energy-dissipating region, with buckling and tearing observed around the openings in this region as the primary failure characteristics. The low-yield-point specimen exhibits an overstrength coefficient exceeding 3.0, featuring a complete hysteresis curve, superior energy dissipation capacity, and a plastic rotation of 0.18 rad. Although the specimen with elongated openings demonstrates significant overstrength coefficient and plastic deformation capacity, its energy dissipation capability is compromised due to the weakened section. The specimens with circular openings exhibit an initial elastic stiffness similar to that of the low-yield-point steel specimens, surpassing the stiffness of the specimens with elongated openings by approximately 84%. These findings provide valuable insights for applying variable cross-section replaceable links.