Shear walls are commonly adopted as main structural members to resist vertical and lateral forces, thanks to their high load capacity and high lateral stiffness. However, their lateral capacity can be impaired in the presence of openings, which can reduce their lateral load capacity and stiffness. A possible solution is to cast shear walls using steel-fiber-reinforced concrete (SFRC), which effectively improves the deformation capacity of shear walls. However, few studies deal with the performance of such SFRC shear walls in the presence of openings. Moreover, the effect of different axial load ratios (ALR) is still not fully known. To study these essential parameters, a detailed Finite Element model has been implemented in ABAQUS. Having validated its accuracy against experimental tests on four SFRC shear walls, with and without openings, it has been subsequently used in a parametric study to analyze the effects of different ALRs, of different opening configurations, and of different reinforcement ratios. It is shown that door openings have a more detrimental effect on the lateral load capacity than window openings and that higher ALR values switch the prevailing failure mechanism from flexural to shear, thus reducing both ductility and deformation capacity.