In modern steel construction, thin-walled elements with Class 4 cross-sections are commonly used. For the sake of the computation of such elements according to European Eurocode 3 (EC3), simplified computational models are applied. These models do not account for important parameters that affect the behavior of a structure susceptible to local stability loss. This study discussed the effect of local buckling on the design ultimate resistance of a continuous beam with a thin-walled Class 4 I-shaped cross-section. In the investigations, a more accurate computational model was employed. A new calculation model was proposed, based on the analysis of local buckling separately for the span segment and the support segment of the first span, which are characterized by different distributions of bending moments. Critical stress was determined using the critical plate method (CPM), taking into account the effect of the mutual elastic restraint of the cross-section walls. The stability analysis also accounted for the effect of longitudinal stress variation resulting from the varied distribution of bending moments along the continuous beam length. The results of the calculations were compared with the numerical simulations using the finite element method. The obtained results showed very good congruence. The phenomena mentioned above are not taken into consideration in the computational model provided in EC3. Based on the critical stress calculated as above, “local” critical moments were determined. These constitute a limit on the validity of the Vlasov theory of thin-walled bars. Design ultimate resistance of the I-shaped cross-section was determined from the plastic yield condition of the most compressed edge under the assumptions specified in the study. Detailed calculations were performed for I-sections welded from thin metal sheets, and for sections made from two cold-formed channels (2C). The impact of the following factors on the critical resistance and design ultimate resistance of the midspan and support cross-sections was analyzed: (1) longitudinal stress variation, (2) relative plate slenderness of the flange, and (3) span length of the continuous beam. The results were compared with the outcomes obtained for box sections with the same contour dimensions, and also with those produced acc. EC3. It was shown that compared with calculations acc. EC3, those performed in accordance with the CPM described much more accurately the behavior of the uniformly loaded continuous beam with a thin-walled section. This could lead to a more effective design of structures of this class.