Capturing the buckling instability mechanics of multi-layered film/substrate structures is essential for providing theoretical guidelines for designing flexible electronics (e.g., stretchable interconnects and strain-limiting structures) and understanding the morphogenesis in biology and geology. Previous buckling models of tri-layer substrate/film/substrate structures usually assumed infinite substrate thickness and incomplete forms of interfacial shear stress, failing to distinguish between local wrinkling and global buckling. In this work, we extend our previous model (Yuan et al., 2023) by accounting for both finite substrate thickness and a complete form of interfacial shear stress, without assuming uniform membrane strain in the film, to study the buckling instability of tri-layer structures. The local wrinkling versus global buckling is distinguished through energy analysis, yielding phase diagrams for a wide range of geometric parameters and material properties. The effects of finite substrate thickness and moduli on the critical compressive strain and wavelength for the onset of local wrinkling are thoroughly investigated. The high accuracy of current model is demonstrated by the excellent agreement between analytical predictions and finite element analysis. This study provides new insights into the stability analysis of substrate/film/substrate systems, and will aid in the design of flexible electronics.