The friction pendulum system/bearing (FPS/FPB) is a novel isolation device in building engineering. It has a more prominent vertical bearing capacity, more significant horizontal displacement, and uncoupled mechanical properties in various directions compared to traditional laminated rubber bearings. However, the FPS cannot resist any tension in the vertical direction as its components are contacted by vertical compression. The applications in high-rise buildings, particularly those with large height-to-width ratios, are severely limited by the overturning moment. To promote the use of buildings isolated by FPS, a 12-story frame-shear wall structure with a height-to-width ratio of 2.7 was designed and isolated by FPS. A corresponding scaled model was constructed, and shaking table tests were conducted. The study found that the 12-story frame-shear wall structure was elastic under service level earthquakes, repairable under maximum considered earthquakes and even very rare earthquakes (with an annual exceedance probability of 10–4) of intensity IX. The floor response of the superstructure was significantly reduced. The seismic isolation performance improved with increased earthquake intensity after the FPS completely slid.