This study focuses on the bending failure performance of a shield tunnel segment. A full-scale test was conducted to investigate deformation and failure characteristics. During the loading, the bending failure process can be divided into four stages: the elastic stage, working stage with cracks, failure stage, and ultimate stage. The characteristic loads between contiguous stages are the cracking, failure, and ultimate loads. A numerical model corresponding to the test was established using the elastoplastic damage constitutive model of concrete. After a comparative analysis of the simulation and test results, parametric studies were performed to discuss the influence of the reinforcement ratio and proportion of tensile longitudinal reinforcement on the bearing capacity. The results indicated that the change in the reinforcement ratio and the proportion of tensile longitudinal reinforcement had little effect on the cracking load but significantly influenced the failure and ultimate loads of the segment. It is suggested that in the reinforcement design of the subway segment, the reinforcement ratio and the proportion of tensile longitudinal reinforcement can be chosen in the range of 0.7%–1.2% and 49%–55%, respectively, allowing the segment to effectively use the reinforcement and exert the design strength, thereby improving the bearing capacity of the segment.