The coupling coefficient determines the transfer efficiency of the wireless power transfer (WPT) system. The magnetic leakage can be reduced, and the coupling coefficient of the coil can be enhanced by adding a magnetic shield. Thus, the transfer efficiency of the WPT system can be improved. However, when the receiving coil is added with magnetic shield and occurs horizontally misaligned, the coupling coefficients between the coils with the magnetic shield can only be calculated by finite element simulation, and there is no calculation method for the coupling coefficient of two circular coils with bilateral finite magnetic shield at horizontal misalignment. Therefore, based on Maxwell's equations and Bessel's function, the formula of the coupling coefficient between circular coils at coaxial is derived by the subdomain hierarchical analysis (SHA) method. On this basis, the coupling coefficient calculation formula between circular coils at horizontal misalignment is further derived by using the boundary vector equivalence (BVE) method. The results show that the maximum experimental error is not more than 5.58%, and the longest average time of the algorithm is not more than 1.282 s, which verifies the effectiveness and rapidity of the proposed method.