A complete subsea production system (SPS) is assembled by interconnecting subsea manufacturing facilities through subsea connectors. To ensure the reliability and longevity of the SPS, it is imperative to thoroughly investigate the mechanical behavior and sealing performance of the subsea connector’s core-sealing components. In this study, the loading conditions of the subsea clamp connector are examined to analyze the load transfer relationship between its components under different modes. A mathematical model for the load transfer between locking torque and sealing contact pressure is developed for the preloading mode, and the concept of mechanical transfer efficiency is introduced. Another mathematical model for the load transfer between the locking torque and the design pressure is developed for the operation mode. Furthermore, a three-dimensional full-size finite element model of the subsea clamp connector is established to analyze the effects of complex loads on the mechanical behavior and sealing performance of its core-sealing components. The simulation results indicate that internal pressure loading positively affects the sealing of the subsea connector, and that the stress distribution in the core-sealing components under bending moment loading exhibits significant asymmetric characteristics. Additionally, the superposition of axial tensile loads reduces the effect of the bending moment on the strength of the core seal member but further weakens the seal. Finally, an experimental system is designed to validate the simulation results.