In order to improve the seismic safety of immersion joints, a new type of damping device for immersed tube tunnel joints was designed, and two groups of quasi-static tests were performed using a 1/4 scale shear key model with and without the damping device for comparative analysis. Through the tests, the mechanical behavior and seismic performance of the immersion joints under horizontal cyclic loading were revealed, and the feasibility of applying the new damping device in the vibration reduction of the immersed tunnel joint was verified. The results show that under the cyclic shear load, cracks first appear at the groove end of the traditional joint model, and then appear at the end of the shear key. As the loading displacement increases, the shear key experiences a large plastic deformation and then fails. Under the cyclic shear load, the damping device first suffers a local buckling, and the shear key is then subject to a shear failure. The damping device can delay the cracking time of the shear key. Compared with the traditional model without damping equipment, the cracking load, yield load, peak load and failure load of the damping model are increased by about 45.2%, 37.33%, 26.8% and 29.2%, respectively, under the same loading displacement. Meanwhile, the influence of the damping device on the initial stiffness of the model is relatively small, and it can meet the allowable displacement of the joint specified by the relevant code. The single-loop hysteretic energy consumption and the cumulative hysteretic energy consumption can be increased by 55.1% and 31.9%, respectively. Overall, the damping device can effectively improve the seismic performance of the shear key.