Reinforced concrete (RC) shear walls have an efficient lateral strength and stiffness for resisting lateral forces. Ultra-high performance fiber reinforced concrete (UHPFRC) is a recently developed material with much higher mechanical properties and durability than ordinary concrete. Nevertheless, while extensive studies have shown the superior mechanical and damage tolerant capacities of UHPFRC at the material scale, there remain very few studies on the application of UHPFRC for earthquake-resistant structural elements. 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 UHPFRC jacketing under lateral loading. Firstly, behavior of RC shear wall under lateral loading was investigated with 2D FE model using plane stress element. The FE model results are validated comparing the experimental results in literature. It is shown that the proposed FE model can predict the mode of failure and the behavior of RC shear wall reasonably well. Therefore, the validated 2D FE model is adopted to show the effectiveness of strengthening by UHPFRC jacketing on the overall behavior of RC shear wall under lateral loading. Moreover, based upon the proposed 2D FE model, a comparison between the RC shear walls strengthened by external CFRP sheets and by UHPFRC jacketing was investigated.