The invention relates to seismic reduction devices for buildings, particularly relates to energy dissipation and seismic reduction devices for buildings, and discloses an energy dissipation and seismic reduction device with series yield bands for a building. The energy dissipation and seismic reduction device comprises a frame. The frame comprises upper and lower connecting plates and left and right connecting plates, wavy energy dissipation platy bands which are parallel to the upper and lower connecting plates are arranged in a plane of the frame, two ends of each wavy energy dissipation platy band are respectively clamped by a pair of stiffening plates which are connected onto the left and right connecting plates, outer constraint guide rails which limit outward movement of the surfaces of the wavy energy dissipation platy bands are arranged on the inner sides of the upper and lower connecting plates, and isolation materials are arranged in the guide rails. The energy dissipation and seismic reduction device has the advantages of low added stiffness and unobvious influence on structural natural vibration periods.