Steel reinforced shotcrete lining (SRSL) support is the primary structure to maintain the stability and mobilize the self-bearing capacity of surrounding rock. However, the structural design of SRSL in underground excavation still relies on experience-based method and lack of quantitative mechanical analysis. This paper aims to propose a modified analytical model of support characteristic curve (SCC) that represents the mechanical behavior of SRSL structures in underground construction, through which the interface bond-slip behavior between steel arch and shotcrete layer is taken into consideration. Four-point bending test of SRSL composite beam was carried out to study the bearing mechanism and failure performance. Test results show that the shotcrete-steel interface is prone to slip failure which significantly reduces the overall strength of SRSL. The laboratory test is complemented by non-liner finite element parametric studies considering the bond-slip properties to clarify the design principles and to obtain the flexural stiffness of tunnel primary lining structures. Based on above studies, the simplified formulas for the SCC of SRSL is constructed. The research results provide a theoretical basis for the design and application of SRSL structure in related projects.