The application of recycled compound concrete made of demolished concrete lumps (DCLs) and fresh normal concrete in pier foundation can effectively improve the utilization efficiency of construction waste resources. In this study, two prefabricated pier foundations based on recycled compound concrete (dimension of Ø800 × 2500 mm and Ø1000 × 2500 mm) and two cast-in-place pier foundations based on ordinary concrete (dimension of Ø800 × 2500 mm and Ø1000 × 2500 mm) were tested. Special attention was devoted to the load-settlement curve characteristics of the precast pier foundation of compound concrete, the load transfer law of the pier-soil system, the soil pressure distribution at the bottom of the pier, and the failure mode. The results showed that the Q-S curve of precast concrete pier foundation made of recycled compound concrete is slow deformation at loading, which is consistent with that of cast-in-place concrete pier foundation. The load transfer theory of pier-soil system is established, and its accuracy is verified by experimental analysis. The precast foundation of recycled compound concrete is the same as the cast-in-place foundation of ordinary concrete. The failure form of prefabricated pier foundation made of recycled compound concrete was a local shear failure, while the failure form of ordinary concrete cast-in-place pier foundation was piercing-type shear failure. The feasibility of relevant theoretical methods for calculating the vertical ultimate bearing capacity is examined.