Grouted sleeves (GS) have been developed for connecting precast reinforced concrete (RC) columns, and have been used extensively in precast frame and shear wall structures. In this study, the mechanical performance and properties of precast RC columns with GS connections were investigated using a finite-element analysis. The load-carrying capacity, deformation capacity, plastic hinge length, and rotation due to bond slip in the precast columns were comprehensively investigated and compared to those appearing in cast-in-place RC columns. A parametric analysis was subsequently conducted on the precast RC columns. The influences of five key parameters, including the material composition, axial compression ratio, bond strength between the reinforcement and grouting material, yielding strength of the reinforcement, and location of the GSs, were thoroughly analyzed. The results demonstrated that the plastic hinge development and deformation mechanism in the precast RC columns with GS connections were quite different from those in the cast-in-place RC columns because of the wide crack opening and severe strain concentration. The precast RC columns exhibited considerably smaller plastic hinge lengths and larger rotations due to bond slip than those in cast-in-place RC columns. The plastic hinge lengths and rotations due to bond slip of the precast RC columns were significantly influenced by the studied parameters, except for the material composition.