The dynamic behavior of liquid storage tanks is one of the research issues about fluid–structure interaction problems. The analysis errors of the dynamics of multiple adjacent tanks can exist if neglecting soil–tank interaction since tanks are typically supported on flexible soil. In the present paper, the dynamics of a group of baffled cylindrical storage tanks supported on a circular surface foundation and undergoing horizontal excitation are analytically examined. For upper multiple tank–liquid–baffle subsystems, accurate solutions to the velocity potential for liquid sloshing are acquired according to the subdomain partition technique. A theoretical model is utilized to portray the continuous sloshing of each tank. For the soil–foundation subsystem, a lumped-parameter model is used to characterize the impacts of soil on upper-tank structures using Chebyshev complex polynomials that present the fitting results of horizontal, rocking, and coupling impedance functions. Then, a model of the soil–foundation–tank–liquid–baffle system is constructed on the basis of the substructure approach. The present sloshing frequencies, sloshing height, and hydrodynamic shear as well as the moment under rigid/soft soil foundations are compared to the available exact results and the numerical results to prove the validity of the present model. The error of the maximum sloshing height between the present and the numerical solutions is within 5.27%; the solution efficiency of system dynamics from the present model is 40–50 times faster than that from the ADINA model. A detailed parameter analysis of the dynamic characteristics and earthquake responses of the coupling system is presented. The research novelty is that an equivalent analytical model is presented, and it allows for investigating the dynamics of soil-supported multiple cylindrical tanks with a baffle, providing acceptable accuracy and high calculation efficiency.