To address the buckling of flat steel plate webs in traditional concrete-filled steel plate composite coupling beams, this study proposes a novel composite coupling beam with axial rib corrugated webs. The corrugated plates provide greater out-of-plane stiffness compared to flat steel plates. Cyclic loading tests are conducted on specimens with a span-to-depth ratio of 1.5:1. The working mechanism of the coupling beam is investigated through stress-strain analysis of the steel plates and internal force analysis of the coupling beam. A calculation method based on an equivalent section is proposed for the ultimate shear capacity of the beam. The design of stiffener plates at the connection between the coupling beam and the wall piers is also discussed. The results show that the proposed coupling beam exhibits excellent energy dissipation performance. Additionally, the proposed shear capacity calculation method is highly applicable, with an error margin within 10%.