To help designers develop solutions to overcome the cracking problem in steel-plate-reinforced concrete composite shear walls due to the concrete shrinkage, the influence of steel plates and studs on the shrinkage behavior of high-performance concrete (HPC), including restrained shrinkage strain, shrinkage strain gradient, and cracking potential, were theoretically and experimentally investigated in this study. A model for theoretical analysis was used to research the shrinkage performance of concrete that was restrained by steel plates and studs. The major parameters involved in the experiments include the thickness and material elastic modulus of the steel plate, in addition to the diameter, height, and number of studs. It was found that the shrinkage of HPC decreases and its potential cracking increases with the increase of thickness and elastic modulus of the steel plate, and the diameter, height, and number of studs. The restraining effect of the steel plate and stud on the HPC shrinkage decreases with the distance of their respective locations. It demonstrates that the HPC near a steel plate and stud is prone to crack compared with that far away from the steel plate and stud. This potential could be reduced by uniformly restraining the HPC.