A quantitative study is performed to determine the performance degradation of Y-shaped reinforced concrete bridge piers owing to long-term freeze-thaw damage. The piers are discretized into spatial solid elements using the ANSYS Workbench finite element analysis software, and a spatial model is established. The analysis addresses the mechanical performance of the piers under monotonic loading, and their seismic performance under low-cycle repeated loading. The influence of the number of freeze-thaw cycles, axial compression ratio, and loading direction on the pier bearing capacity index and seismic performance index is investigated. The results show that freeze-thaw damage has an adverse effect on the ultimate bearing capacity and seismic performance of Y-shaped bridge piers in the transverse and longitudinal directions. The pier peak load and displacement ductility coefficient decrease with increasing number of freeze-thaw cycles. The axial compression ratio is an important factor that affects the pier ultimate bearing capacity and seismic performance. Upon increasing the axial compression ratio, the pier peak load increases and the displacement ductility coefficient decreases, the effects of which are more significant in the longitudinal direction.