As a stimulus-sensitive material, the difference in composition, fabrication process, and influencing factors will have a great effect on the mechanical properties of a superelastic Ni-Ti shape memory alloy (SMA) wire, so the seismic performance of the self-centering steel brace with SMA wires may not be accurately obtained. In this paper, the cyclic tensile tests of a kind of SMA wire with a 1 mm diameter and special element composition were tested under multi-working conditions, which were pretreated by first tensioning to the 0.06 strain amplitude for 40 cycles, so the mechanical properties of the pretreated SMA wires can be simulated in detail. The accuracy of the numerical results with the improved model of Graesser’s theory was verified by a comparison to the experimental results. The experimental results show that the number of cycles has no significant effect on the mechanical properties of SMA wires after a certain number of cyclic tensile training. With the loading rate increasing, the pinch effect of the hysteresis curves will be enlarged, while the effective elastic modulus and slope of the transformation stresses in the process of loading and unloading are also increased, and the maximum energy dissipation capacity of the SMA wires appears at a loading rate of 0.675 mm/s. Moreover, with the initial strain increasing, the slope of the transformation stresses in the process of loading is increased, while the effective elastic modulus and slope of the transformation stresses in the process of unloading are decreased, and the maximum energy dissipation capacity appears at the initial strain of 0.0075. In addition, a good agreement between the test and numerical results is obtained by comparing with the hysteresis curves and energy dissipation values, so the numerical model is useful to predict the stress−strain relations at different stages. The test and numerical results will also provide a basis for the design of corresponding self-centering steel dampers.