In order to study the bearing mechanism of a steel screw pile (SSP), a 3D-FEM of “SSP-stratum” was established based on the large-scale general finite element analysis platform ABAQUS. Secondly, the real friction coefficient between pile and soil was determined by comparing it with the field bearing test data of screw piles. Finally, the bearing mechanism and failure criterion of the SSP was revealed. The research showed that the pile-soil friction coefficient was about 0.6 under the condition of this stratum, and the screw pile was in the elastic working stage under the conditions of compression and tension load, which had a large bearing reserve. The magnitude of Young’s modulus was inversely correlated with the settlement value and the extreme value of principal stress. The increase in the Young’s modulus of the stratum was helpful in improving the bearing capacity of the screw pile. The compressive capacity of circular steel tube + screw pile (CST + SP) was about 2 times higher than CST, and the compressive capacity of circular steel tube + large blade + screw pile (CST + LB + SP) was about 2.4 times higher than CST. The tensile capacity of CST + SP was about 3.4 times higher than CST, and the tensile capacity of CST + LB + SP was about 4.9 times higher than CST. The arrangement of large blades better bore the load of the screw part and optimized the stress distribution of the structure. Based on the mechanical analysis in the vertical direction, the bearing mechanism of the SSP under compression and tension conditions was elaborated. The bearing failure criterion of the SSP was summarized from the aspects of mechanics and displacement. The bearing design of the SSP should meet the control of mechanics and deformation at the same time. The research work could provide a useful reference for the design and construction of SSPs.