In order to explore the axial compression performance of external steel rib ring restraint waste-steel-fiber-reinforced concrete-filled steel tubes (ERWCFSTs), 18 short-column axial compression tests were conducted. The effects of the number of rib rings, rib ring spacing, rib ring setting position, and waste steel fiber (WSF) content on the axial compression performance of the columns were analyzed. The results show that the concrete-filled steel tube (CFST) short columns with rib rings were strengthened, the specimens were mainly characterized by drum-shaped failure, and the buckling was concentrated between the rib rings. Without rib ring specimens, the steel tube is unable to resist the rapid increase in lateral expansion, leading to buckling initiation near the bottom of the specimens. The columns with rib rings exhibited a minimum increase of 32.5% and a maximum increase of 53.17% in load-bearing capacity compared to those without rib rings, with an average improvement of 37.78%. The columns achieved the best ductility when the rib ring spacing was 50 mm. When the rib ring spacing remained constant, columns with a number of rib rings no less than the height-to-diameter ratio (H/D) demonstrated more uniform stress distribution and optimal confinement effects. For a fixed number of rib rings, specimens with rib ring spacing between H/8 and H/4 showed significant improvements in both load-bearing capacity and ductility. The confinement effect was better when the rib rings were positioned in the middle of the column height rather than near the ends. The incorporation of WSF resulted in a minimum increase of 2.86% and a maximum increase of 10.49% in column load-bearing capacity, indicating limited enhancement. However, WSF improved the ductility performance of the columns by at least 10%. Combined with theoretical analysis and experimental data, a formula for calculating the bearing capacity of ERWCFSTs was established.