Finite pole element method is presented for P-Δ effect analysis of pile and bearing while shear deformation is well considered. It is assumed that horizontal displacement of the pole element has a longitudinally cubic power function and the shear displacement has a longitudinally linear function, the P-Δ effect pole element rigid equation considering the shear deformation produced by lateral load and the radial component of vertical load, is derived. The P-Δ effect pole element rigid equation considering the shear deformation only produced by lateral load is derived in the paper. The P-Δ effect pole element rigid equation considering the shear deformation only produced by the radial component of vertical load, is derived in the paper. And the P-Δ effect pole element considering the shear deformation only produced by lateral load can simulate the bearing working eccentrically well in real-time. Matlab process of finite pole element method for P-Δ effect analysis of pile and bearing is edited, and case analysis is done, and the theory and the method is proved good. Finally conclusions are drawn as follows:(i) the P-Δ effect analysis result of pile will increase obviously while the eccentric bending moment of the bearing is well considered; (ii) the deformation has little effect on the P-Δ effect analysis result of the pile and bearing.