Segmental lining is subject to significant upward buoyancy forces when a grouting material (slurry), initially fluid, is adopted to fill the gap between its external profile and the wall of a tunnel excavated with a TBM machine. The analysis of the effects of these forces is important in order to correctly dimension the segmental lining and avoid damage to the lining and subsequent costly maintenance and restoration actions. Given the complexity of the behavior of a segmental lining consisting of segmental rings and circular joints that alternate in the longitudinal direction of the tunnel, a specific numerical model has been implemented, adopting the Finite Element Method (FEM). This model is able to obtain the development of the vertical displacements of the segmental lining starting from the TBM tail, together with the bending moments and the shear forces induced inside it. The developed model is able to assess the risks of breaking and damaging the concrete and steel bolts that are used to connect the segmental rings at the circular joints; therefore, it represents a useful design tool for being able to correctly dimension the segmental lining also in relation to the risks produced by the appearance of considerable buoyancy forces around it, due to the presence of the initially fluid filling material. The proposed numerical model was applied to a real case (Ningbo metro tunnel) and allowed to obtain satisfactory results from the comparison of the calculated displacements with in situ measurements. Some sensitivity analyzes developed on the studied case have made it possible to detect which are the influencing parameters that have the greatest impact on the behavior of segmental lining in the presence of the studied buoyancy forces.