The invention discloses a sleeve dissipative element with a shear key. The dissipative element consists of an inner tube and an outer tube which are coaxially lapped; the shear key is arranged on internal tube wall of a lapped segment of the outer tube; a cavity is formed between the inner tube and the outer tube, and an expanding cement mantle is formed in the cavity. Friction force of contact surfaces between the expanding cement mantle and the tube is increased by chemical prestress of expanding cement grout; and snap-in force between the expanding cement mantle and the shear key can improve joint strength between the outer tube and the grout mantle and control a fracture surface on the contact surface between external wall of the inner tube and the grout mantle. The dissipative element can be taken as a common support to bear axial load in a normal service status, and the dissipative element consumes and absorbs seismic energy by relative slip of the inner tube and the outer tube under the action of seismic load. The dissipative element has the advantages of low requirement for machining accuracy, steel saving and low cost. Only the grouting sleeve dissipative element needs tobe replaced if the grouting sleeve dissipative element is damaged and disabled in a seismic hazard, which is very convenient.