A new energy dissipation device known as the low-yield-point steel corrugated pipe damper （CPD） is proposed for base-isolated structures， which possesses outstanding characteristics such as the same mechanical properties in all horizontal directions and large deformation capacity. Firstly， low-cycle reciprocating loading tests were conducted to investigate the failure mode， hysteresis characteristics， load-bearing capacity， deformation characteristics， and energy dissipation capacity of the damper. The influence of structural parameters such as corrugation height and average diameter on the mechanical performance of the damper was also tested. Subsequently， a finite element model of the low-yield point steel corrugated pipe damper was established using ABAQUS to methodically investigate the influence mechanism sof construction parameters on mechanical performance. Based on simulation analysis results， prediction formulas for mechanical performance indicators of the damper were provided. The results revealed that the failure mainly concentrated on the corrugated pipe that was consistent with the loading direction and close to the connecting plates， while the deformation on the corrugated pipe that was perpendicular to the loading direction was small. All damper specimen exhibited comparatively full hysteretic loops， demonstrating superior energy dissipation capacity and exceptional resistance to large horizontal deformations. All dampers had undergone obvious yielding and strengthening processes， the horizontal stiffness of the dampers was large before yield and decreased significantly after yield， only 20%~32% of that before yield. Increasing the height or decreasing the diameter of the corrugated pipe can reduce the bearing capacity， horizontal stiffness， and energy dissipation capacity， but enhance the deformation capacity of the damper. Increasing the strength and thickness of the corrugated pipe can significantly improve the bearing capacity， and energy dissipation capacity of the damper. The proposed computational formula can accurately predict the fundamental mechanical performance of the damper.