The research object of this paper is to investigate the mechanical behavior and develop an analytical model of the prestressed circular-section rocking steel piers with external energy-dissipating devices under the horizontal cyclic load. Based on the method of monolithic beam analogy under monotonic loading, the concept of generalized rotation angle and intercept strain in the pre-decompression state was introduced. The geometrical equations for the pre- and post-decompression stages are deduced. The calculation formulas for internal forces of each component and the analytical calculation method for the entire process of the rocking steel pier under horizontal cyclic loading are established in detail. To reproduce the hysteresis curve of the test, some special test conditions, such as the retraction effect of prestressed tendons and increase of the compressed area due to the vertical plates, were considered in the analytical model. The results show that the analytical method based on generalized rotation angle and intercept strain can ensure an ideal transition of the hysteresis curve of the pier in pre- and post-decompression stages. Except for the pier with particularly severe local buckling and ovalization deformation, the calculated results obtained from the proposed analytical model agrees well with the test results for the rocking steel bridge piers. The effect of prestressed tendons and the P–Δ effect on the lateral load–displacement curve of rocking steel bridge biers was further analyzed through parametric study using the proposed model. The analytical calculation method presented in this paper provides a theoretical tool for seismic design of the rocking steel pier in engineering practice. This paper provides important guidance for the establishment of seismic design method of rocking steel piers. •to deduce the geometrical equations for the pre- and post-decompression stages of the rocking steel pier.•to establish the analytical calculation method for the entire process under horizontal cyclic loading.•to analyze the effect of prestressed tendons and the P–Δ effect on the lateral load–displacement curve.