The study of analytical solutions for the bearing capacity of reinforced soil foundations is a very important topic in engineering mathematics. Existing evaluations of the foundation-bearing capacity on reinforced soils are based on dry conditions, while many foundations are located on unsaturated soils in real engineering. In this paper, a new formula for the bearing capacity of reinforced strip footings on unsaturated soils is presented. Two sliding failure mechanisms are constructed based on the position of the reinforcement layer relative to the sliding surface. The distribution of apparent cohesion in the depth direction is calculated by considering the effect of matrix suction. By additionally considering the work conducted by the reinforcement and the contribution of the apparent cohesion, the bearing capacity formula is obtained using the upper bound theorem of limit analysis. The bearing capacity solution is obtained by adopting the sequential quadratic programming (SQP) algorithm. Comparing the results under two failure mechanisms, the optimal bearing capacity and the optimal embedment depth of reinforcement are obtained. The results of this paper are consistent with those of the existing literature. Finally, the effects of reinforcement embedment depth, effective internal friction angle, uniform load, and unsaturated soil parameters on the optimal bearing capacity are investigated through parametric analysis. This paper provides useful recommendations for the engineering application of reinforced strip footings on unsaturated soils.