To avoid exceptional seismic effects on structure during the severe earthquake, it is desirable to increase the lateral load resistant capacity of the structure, which may be done by providing reinforced concrete shear walls in the building. In recent times, precast RC shear walls are more prevalent in practice, where is the understanding of seismic behavior of such walls has not new studied adequately. In the present study, proposed building models are G+5 story reinforced concrete (RC) frame building with and without precast RC shear wall which were modeled in SAP 2000. Non-linear pushover analysis and incremental dynamic analysis are performed to assess and compare the seismic performance of both the systems. Fragility curves are developed for different damage states, i.e., slight, moderate, extensive, and complete damage based on HAZUS methodology. Fragility curves gave the probability of damage at the corresponding damage state, which is useful in seismic assessment of precast RC buildings with precast shear wall.