A second-order inelastic analysis of semirigid connection steel frame structures is developed. Therein, shearing deformation and axial force simultaneously are considered. A new stability function considered shearing deformation and axial force simultaneously is proposed and the analysis methods for steel structure of semirigid connection based on the structural ultimate bearing capacity are established. The calculatical programe of second-order inelastic analysis semirigid connection steel frame structures is compiled. The numerical examples of steel frames for semirigid connection are analysed using the second-order inelastic analysis in the paper. Load–displacements predicted by the proposed analysis compare well with those given by other approaches. The analysis results show that the proposed method is suitable for adoption in practice.