Wooden cantilever-covered bridges are typical Chinese constructions due to their structural style and architectural decoration. Yanzi bridge, an ancient wooden cantilever-covered bridge with more than 220 years of history in Anhua, China, has attracted increasing attention in recent years. In this study, its construction form and cultural background were investigated, and the structural components, original materials and mechanical behavior of the bridge were investigated in detail. First, the same type of raw material used for the Yanzi bridge, namely, pinus koraiensis, was tested to better understand its mechanical properties. Then, a finite element model was built to simulate the mechanical behavior of the bridge, and the stress state and internal forces of the cantilever system were obtained. According to the numerical results, when the loads are transferred downward and evened by the beams in the same layers of the cantilevers, the maximum deflection of the bridge of 12.8 mm meets the requirements of not exceeding L/600 in the specification, and the maximum normal stress of 1.35 MPa is much less than the ultimate tensile strength of the wood. This indicates that the structural safety performance of the ancient wooden cantilever-covered bridge is acceptable. Finally, a small amount of tiny damage of the bridge was observed and presented in the paper. This damage is not severe enough to cause brittle collapse, but care and maintenance are necessary to preserve this old historical bridge.