Adhesion between coatings and substrates is an important parameter determining the integrity and reliability of film/substrate systems. In this paper, a new and more refined theory for characterizing adhesion between elastic coatings and rigid substrates is developed based on a previously proposed pressurized blister method. A compressed air driven by liquid potential energy is applied to the suspended circular coating film through a circular hole in the substrate, forcing the suspended film to bulge, and then to debond slowly from the edge of the hole as the air pressure intensifies, and finally to form a blister with a certain circular delamination area. The problem from the initially flat coating to the stable blistering film under a prescribed pressure is simplified as a problem of axisymmetric deformation of peripherally fixed and transversely uniformly loaded circular membranes. The adhesion strength depends on the delamination area and is quantified in terms of the energy released on per unit delamination area, the so-called energy release rate. In the present work, the problem of axisymmetric deformation is reformulated with out-of-plane and in-plane equilibrium equations and geometric equations, simultaneously improved, and a new closed-form solution is presented, resulting in the new and more refined adhesion characterization theory.