Abstract: The new tension-compression anchor (TC anchor) has excellent anchorage performance and obvious advantages in anti-floating engineering, gradually gaining widespread application. However, its load transfer mechanism has been not yet clearly understood. In light of this, a study on the load transfer mechanism of the TC anchor is conducted based on the completed field tests through the numerical simulation method. The results indicate that the axial tension in the rebar of the TC-anchor remains constant in the compression anchorage segment but significantly decreases after transferring to the tension anchorage segment. During failure, the tension bearing coefficient of the TC anchor is slightly lower than the tension length coefficient. In the compression anchorage segment, the grouting materials experience compression, with the compressive stress decreasing towards the head. In the tension anchorage segment, the grouting materials experience tension, and the tensile stress increases first and then decreases, and the maximum tensile stress is significantly lower than that of the wholly grouted anchor. Optimizing the tension-compression length ratio can further reduce the axial tensile stress in the grouting materials of the tension anchorage segment. The shear stress at the grout-soil interface of the TC anchor is the highest at the load-bearing body and decreases towards both sides. Compared to the wholly grouted anchor and pressure-type anchor under the same tension, the TC anchor exhibits significantly reduced shear stress at the grout-soil interface, weakened stress concentration, and a more uniform distribution.