To accurately determine the bearing capacity of reinforced concrete slabs, based on the yield hinge line theory and segment equilibrium method, this paper presents two failure criteria to determine the limit carrying capacity and displacement of the slabs, which consider the membrane effect. The calculated results were compared with the test results. The results show that the calculated limit carrying capacity of the slab is agreement with the test result, and the calculated limit displacement is relatively conservative compared with the experimental result. According to the mechanical analysis, the model explains the failure mechanism that the limit carrying capacity of the square slab is lower than that of the rectangular slab under the same deflection.