The bearing mechanism of tunnel-type anchorage (TTA) for suspension bridges is studied. Model tests are conducted using different shapes of plug bodies, which are circular column shape and circular truncated cone shape. The results show that the plug body of the latter shape possesses much larger bearing capacity, namely 4.48 times at elastic deformation stage and 4.54 times at failure stage compared to the former shape. Numerical simulation is then conducted to understand the mechanical and structural responses of plug body and surrounding rock mass. The mechanical parameters of the surrounding rock mass are firstly back-analyzed based on the monitoring data. The calculation laws of deformation and equivalent plastic strain show that the numerical simulation results are rational and provide subsequent mechanism analysis with an established basis. Afterwards, the bearing mechanism of TTA is studied. It is concluded that the plug body of circular truncated cone shape is able to take advantage of the material strength of the surrounding rock mass, which greatly enhances its bearing capacity. The ultimate bearing capacity of TTA, therefore, is concluded to be determined by the material strength of surrounding rock mass. Finally, recommendations for TTA design are proposed and discussed.