Compared to the ordinary strength steel extensively applied in structures currently, high strength steel, a new kind of construction material, has many differences on mechanical properties. Though high strength steel has been applied in several projects in the world, which has obtained good effects, there is a lack of the design method for high strength steel structures and researches on the loading capacity of high strength steel members. To study the local buckling behavior of high strength steel members under axial compression, finite element models are developed to predict the loading capacity of high strength steel welded I-section and box-section stub columns under axial compression in this paper. With accurate simulation of 17 high strength steel specimens, the finite element analysis results agree well with the corresponding test results, and the average deviation of the ultimate loading capacity of 17 specimens is about -3.1%. It’s verified that the finite element models developed in this paper can accurately simulate high strength steel members with the initial geometric imperfections and residual stresses, and analyze the local buckling behavior of high strength steel members under axial compression. In addition, it provides a basis for the parametric study of high strength steel members under axial compression in future.