There is a special concern for measuring and simulating low-frequency magnetic fields generated by underground power cables, particularly in human exposure studies. In the present study, an accurate 2D finite element model for computing magnetic fields generated by three-phase underground power cables with solid bonding is proposed. The model is developed in ANSYS Maxwell 2D low-frequency electromagnetic field simulation software for a typical 12/20 kV (medium-voltage) three-phase underground power cable in both trefoil and flat formations, but it can be adapted to any cable system. Model validation is achieved by analytical computations conducted with a software tool based on the Biot–Savart law and the superposition principle. RMS magnetic flux density profiles calculated at various heights above the ground with these two methods correlate very well. This is also true for induced shield currents. The application of the finite element model to multiple three-phase power cables laid together is also considered.