The self-balanced loading test is a state-of-art pile testing method, but its suitability to pile bearing capacity determination in transformer substation engineering in mountainous and hilly areas is not yet clear. In this study, a two-dimensional axisymmetric numerical model is established by the PLAXIS software to simulate the behavior and bearing mechanism of shallow rock-socketed short piles based on the self-balanced loading test. The model is first validated by simulating the field tests of two adjacent piles under self-balanced loading. Then the influence factors of the load-displacement curves of piles are analyzed. Thereafter, the mechanical mechanism of the self-balanced loading tests is simulated and compared with the conventional static loading tests. It is observed that the rock modulus, rock-socketed depth of piles, and burial depth of the Osterberg Cell affect the load-displacement significantly, but the cohesion of the rocks affects little. Moreover, compared with the conventional static loading tests, the shear stress of the pile-soil interface distributes less uniformly under self-balanced loading conditions. On this basis, a bearing capacity computation method of shallow rock-socketed short piles based on the self-balanced loading test is proposed.