In order to investigate the influences of the spacing of binding bolts, the thickness of steel plate and the lateral bonding stress of epoxy adhesive on the local buckling of steel plate in steel plate-masonry composite columns, six steel plate-masonry composite stub columns were tested under axial compression. Research results show that the extent of steel plate deformation due to local buckling decreases with the increase in steel plate thickness and reduction in ratio of bolt spacing to steel plate thickness; the ratio of the load-carrying capacity of specimen corresponding to visible buckling deformation to that in the ultimate state is about 70% to 85%; in view of the contribution of lateral bonding stress of epoxy adhesive, the occurrence of the local buckling of steel plate is restrained to some extent, which results in that the applied load corresponding to the critical local buckling of steel plate determined by strain gauges measurement is probably different from that by visible local buckling deformation. Based on the experimental data, the calculating model of steel plate stress corresponding to visible buckling deformation in the steel plate was obtained through fitting analysis, and then the calculating formula, for load-carrying capacity of steel plate-masonry composite column when visible buckling deformation occurs, was proposed. After the comparison between theoretical calculation and test results, the calculating method presented in this paper has good accuracy, which can be used for the design of similar structural elements.