The load transfer analytical method is applied to study the bearing mechanism of piles with vertical load in this paper. According to the different hardening rules of soil or rock around the pile shaft, such as work-softening, ideal elasto-plastic and work-hardening, a universal tri-linear load transfer model is suggested for the development of side and tip resistance by various types of soil (rock) with the consideration of sediment at the bottom of the pile. Based on the model, a formula is derived for the relationship between the settlement and load on the pile top to determine the vertical bearing capacity, taking into account such factors as the characteristics of the stratum, the side resistance along the shaft, and tip resistance under the pile tip. A close agreement of the calculated results with the measured data from a field test pile lends confidence to the future application of the present approach in engineering practice.