In order to make up for the shortcomings of existing theory calculation methods for circular diaphragm walls, an alternative calculation method was developed with a clear concept based on the circular cylindrical shell theory and superposition principle in elasticity and named the circular cylindrical shell theory calculation method (CCSTCM). We took the north anchorage circular foundation pit of G3 Tongling Yangtze River Highway and Railway Bridge as an example and calculated and analyzed it by the proposed CCSTCM, finite element numerical simulation method (FENSM) and site monitoring. As a result, we obtained the radial displacement, circumferential stress and vertical bending moment of the circular diaphragm wall, and then summarized their regularities. By researching the results of the CCSTCM (TCR), the results of the FENSM (NSR) and the results of the site monitoring (SMR), the following conclusions could be drawn: the numerical calculation model established was reasonable; the variation trends of the data curves of the TCR were highly similar to those of the NSR and SMR; and the TCR were slightly larger than the NSR but slightly smaller than the SMR, and closer to the SMR in general. Finally, the proposed CCSTCM was proven to be correct and applicable and could be used in similar circular diaphragm wall projects.