A theoretical study of the electromagnetic propagation in a complex medium suspended multilayer coplanar waveguide (CPW) is presented. The study is based on the generalized exponential matrix technique (GEMT) combined with Galerkin’s spectral method of moments applied to a CPW printed on a bianisotropic medium. The analytical formulation is based on a Full-GEMT, a method that avoids usual procedures of heavy and tedious mathematical expressions in the development of calculations and uses matrix-based mathematical expressions instead. These particularities are exploited to develop a mathematical model for the characterization of wave propagation in a three-layer shielded suspended CPW structure. This study is based on the development of mathematical formulations in full compact matrix-based expressions resulting in Green’s functions in a matrix form. The implemented method incorporates a new accelerating procedure developed in the GEMT which provides an initial value used to speed up searching for the exact solution in the principal computation code. This helped us to obtain accurate solutions with tolerable computing time. Good agreements have been achieved with the literature in terms of accuracy and rapid convergence. The results for different cases of bianisotropy have been investigated, and particularly, the effect on the dispersion characteristics is presented and compared with the isotropic case.