Steel arches are widely used to construct main arches in modern concrete bridges. However, the applicability of existing steel arches has certain limitations. To expand the application scope of steel arches and enhance the material utilization rate, this study proposed a calculation and analysis model for a novel steel arch with an adjustable axis. First, the finite element calculation model of the arch structure was established using the finite element software Midas Civil based on Timoshenko beam theory. Second, the sensitive factors that affect the mechanical response characteristics of the novel arch, such as the connection method of the upper chord in the arch section, boundary conditions of the arch springing hinge, and temperature, were thoroughly discussed through calculation and analysis of engineering projects. Finally, the effect of span and width on the arch stability was discussed using the linear elastic analysis method. The mechanical response of the new steel arch was obtained, and the reliability of the calculation results was verified. Results demonstrate that a rigid connection is applicable to the upper chord connection of the arch section, and the two-hinged arch applies to the frame. Temperature changes can lead to obvious deformation and the decrease in temperature indicates a clear stress on the arch. Without considering wind load, the minimum wide-span ratio for the novel arch reaches 1:20. This study can provide a reference for application and calculation analysis of such arches.