This paper conducted pseudodynamic tests on a 1/2 scaled, three-story, one-bay steel frame with self-centering chevron braces. Numerical simulations were carried out to investigate the influences of fit tolerances between self-centering braces and the steel frame as well as the reactivation behavior of the self-centering braces on the seismic performance of the test frame. The test results indicated that the steel frame was in an elastic state under frequent level and design basis earthquakes. Under rare level earthquakes, the flanges of column bases yielded; the maximum residual story drift ratio was only 0.135%, well below 0.5% threshold for the irreparability. Under very rare earthquakes, the maximum story drift ratio was only 1.96%, less than the collapse limit of 2.0%. After all tests, there was no evidence of damage to test frame other than obvious peeling of the spray paint on the flanges of column bases. Due to the fit tolerances, the skeleton curve of interstory hysteretic responses of the test model exhibited a trilinear pattern, and the story shear force in positive direction was significantly different from that in negative direction. The reactivation behavior of the south brace in Story 2 caused the stiffness of Story 2 to firstly decreased and then increased when the story drift approached -10 mm. The simulation results showed that the fit tolerances led to an amplification of story drift ratio and floor acceleration under different level earthquakes. For structures without fit tolerances, the reactivation behavior of braces reduced story drift ratios under design basis earthquakes and increased maximum floor acceleration under rare and very rare earthquakes. Fit tolerances and reactivation behavior of braces had no effect on the repairability of the structure.