Precast concrete pile reinforced with cement-treated soil (PCRC) is a composite pile formed by inserting a precast concrete (PC) pile into a deep cement mixing (DCM) column. It has become widely recognized and used for soft soil ground treatment. Despite its extensive application, the cooperative bearing mechanism of PCRC has not been fully investigated under diverse loading conditions. This paper presents the results of finite element analysis, comparing the bearing performances of the PCRCs under two loading forms: load applied solely to the PC pile (Form 1) and the entire cross-section (Form 2). The results reveal that the inner and outer cores of the PCRC loaded under Form 2 can synergistically work together, exhibiting a 13.2% higher ultimate bearing capacity than the PCRC with Form 1. The load sharing ratio, μ, of the inner core of the PCRC loaded under Form 2 ranges from 0.86 to 0.93, while μ of the inner core under Form 1 remains stable at approximately 0.96. Increasing the loading plate size improves the DCM column’s load sharing capacity. Furthermore, axial load tests in Form 1 underestimated the bearing capacity of PCRC to a certain extent. It is, therefore, recommended in engineering design that the top of the DCM column be positioned higher than that of the PC pile to achieve the actual force mode of Form 2.