Shield segments of subway tunnels are often exposed to the combined actions of several hygrothermal factors that could lead to accidents such as water seepage and tunnel collapse. Further, they often break and deform owing to formation pressure. In addition, uncertainties related to the stress relaxation characteristics and bonding performance of carbon-fiber-reinforced plastics (CFRPs) under a hygrothermal environment make their application in subway systems difficult. This study analyzes the effects of the slip-on-bending strength of CFRP-strengthened shield segments in a hygrothermal environment. In the study, the shield segments are damaged at ambient pressure under a combination of humidity (0%, 5%, and 10%) and temperature (20 °C, 25 °C, 30 °C, and 40 °C). An experimental procedure is designed to evaluate a CFRP-reinforced concrete arch. The method predicts the load–slip relationship and maximum shearing stress and strain. Moreover, confined compression tests are conducted on a tunnel segment lining strengthened with CFRP to evaluate the bearing capacity of the CFRP-strengthened shield segments. An equation for the latter’s ultimate bearing capacity is developed based on the elastic layer system theory, stress boundary condition, and bending stress characteristics of axisymmetric elements. It was found that the results from the developed model are compared with the experimental values of CFRP-strengthened shield segments under different humidity values (0%, 5%, and 10%) and a constant temperature. The ultimate strength—the debonding deflection of the CFRP-strengthened shield segment—can be predicted using the proposed ultimate bearing capacity equation with sufficient accuracy.