A solution for the elastoplastic deflection of cantilever beams with linearly variable circular cross-section loaded by shear force at the free end, which is suitable for practical use, has not yet been developed. A semi-analytical solution for such a problem is proposed in this paper. The solution involves beams made of homogenous and isotropic materials with bilinear elastoplastic strain hardening behavior. The Bernoulli–Euler formula is used for determining the elastic deflection. However, for the plastic domain of material behavior, the differential equation of beam bending does not have a solution in closed form. Therefore, an incremental procedure for determining the curvature of the plastified region of the beam is suggested. Deflection of the cantilever beam is calculated via integration of the approximated function of the beam curvature. The proposed semi-analytical solution is validated using experimental results of the seismic energy dissipation device components which have been selected as a sample of a real engineering system. Also, validation is done via finite element analysis of six different cantilever beam models with varying geometric and material characteristics. A satisfying agreement between the proposed semi-analytical results and the subsequent experimental and numerical results is herein achieved, confirming its reliability.