In this paper, elastic stress solution of cylindraceous double-concrete shaft lining was obtained by plane strain model. We derived the dimensionless formula of interface pressure of the double wall. So considering of that the concrete strength were largely improved under multiaxial compressed, we got the relationship between concrete strength increased coefficient of inner, outer shaft lining and geometry size, elastic-module, Poisson’s ratio of shaft lining by theoretical deriving, then the formulate of double-concrete shaft lining ultimate bearing capacity was proposed based on multiaxial strength criterion of concrete (G-W Failure Criteria) which advised by the existing design of concrete structure specification. All these provided a theoretical basis for rational calculating the ultimate bearing capacity of double-concrete composite shaft lining. The results were great significance for us to reduce the concrete design strength grade of shaft lining and project cost by using double-concrete composite shaft lining.