Abstract: According to structural material and structural stress state of circular working shaft with SMW method, this paper presents ring-beam load-shared theory to analyze the inner force and displacement. The distribution of structures of this kind of working shaft at excavating stage and driving stage is summarized through a practical example. Especially the research shows the circular zoning of structural material and the influence of top beam and vertical jacking on inner force. The conclusions may useful for understanding working shaft with SMW method.