Centrifugal force is one of the factors that cannot be ignored in high-speed shaft systems. The multiple corrugated diaphragm (MCD) Coupling is suitable for high-power and high-speed situations; hence, it is crucial to investigate the stress and deformation of the wave disc under centrifugal load. This paper first uses the rotating shell thin film model to derive the circumferential stress and deformation displacement of the MCD under centrifugal load. Then, the finite element method is used to verify the results obtained from the analytical solution. The results show the feasibility of using the rotating shell thin film model for centrifugal load analysis of the MCD, providing a new approach for the theoretical analysis of the MCD.