Multi-view subspace clustering aims to integrate the complementary information contained in different views to facilitate data representation. Currently, low-rank representation (LRR) serves as a benchmark method. However, we observe that these LRR-based methods would suffer from two issues: limited clustering performance and high computational cost since (1) they usually adopt the nuclear norm with biased estimation to explore the low-rank structures; (2) the singular value decomposition of large-scale matrices is inevitably involved. Moreover, LRR may not achieve low-rank properties in both intra-views and inter-views simultaneously. To address the above issues, this paper proposes the Bi-nuclear tensor Schatten- p norm minimization for multi-view subspace clustering (BTMSC). Specifically, BTMSC constructs a third-order tensor from the view dimension to explore the high-order correlation and the subspace structures of multi-view features. The Bi-Nuclear Quasi-Norm (BiN) factorization form of the Schatten- p norm is utilized to factorize the third-order tensor as the product of two small-scale third-order tensors, which not only captures the low-rank property of the third-order tensor but also improves the computational efficiency. Finally, an efficient alternating optimization algorithm is designed to solve the BTMSC model. Extensive experiments with ten datasets of texts and images illustrate the performance superiority of the proposed BTMSC method over state-of-the-art methods.