Reinforced concrete (RC) shear walls are considered one of the main lateral resisting members in buildings. In recent years, Fiber reinforced polymer (FRP) has been widely utilized in order to strengthen and retrofit concrete structures. Although numerous studies were dedicated to enhancing the shear performance of RC shear walls, there is still need to study how enhancing the flexural performance for these RC shear walls using FRP composites in order to promote further field applications. Therefore, this study presents the results of an analysis using a finite element (FE) model conducted to predict the behavior of RC shear walls strengthened by externally carbon fiber reinforced polymer (CFRP) strips under lateral loading. The comparison with experimental results in the literature verifies that the analytical results predict accurately the behavior of RC shear walls strengthened by CFRP strips and can predict the common mode of failure, debonding failure, reasonably well. Moreover, based upon the proposed FE model, the influence of strengthening by CFRP strips to optimize flexural strength of RC shear walls was investigated in case of using different bracing configurations of CFRP strips. In addition, it was found that using an anchorage device for CFRP sheet at the lower of wall extended to the base has significantly enhanced energy absorption capability and improves specimen strength compared to specimens bonded with only carbon fiber sheets.