The integrity and bearing capacity of segment joints in shield tunnels are associated closely with the mechanical properties of the joints. This study focuses on the mechanical characteristics and mechanism of a bolted circumferential joint during the entire bearing process. Simplified analytical algorithms for four stress stages are established to describe the bearing behaviors of the joint under a compressive bending load. A height adjustment coefficient, α, for the outer concrete compression zone is introduced into a simplified analytical model. Factors affecting α are determined, and the degree of influence of these factors is investigated via orthogonal numerical simulations. The numerical results show that α can be specified as approximately 0.2 for most metro shield tunnels in China. Subsequently, a case study is performed to verify the rationality of the simplified theoretical analysis for the segment joint via numerical simulations and experiments. Using the proposed simplified analytical algorithms, a parametric investigation is conducted to discuss the factors affecting the ultimate compressive bending capacity of the joint. The method for optimizing the joint flexural stiffness is clarified. The results of this study can provide a theoretical basis for optimizing the design and prediciting the damage of bolted segment joints in shield tunnels.