To improve the utilization rate of bamboo, glued laminated bamboo hollow column (GLBHC) was examined under eccentric compression to study the effects of different slenderness ratios, eccentric distances, and wall thicknesses on its ultimate bearing capacity. The nonlinear deformation of the material and the P-delta effect of the column occur under eccentric compression, which can affect its ultimate bearing capacity, so it is very important to analyze the elastic-plastic buckling of the column. Moreover, the discontinuity of the hollow column section aggravates the nonlinear deformation. To accurately estimate the ultimate bearing capacity of GLBHC, considering the difference in tensile and compression elastic modulus, two eccentric compression models were established. A formula for ultimate bearing capacity of the GLBHC under eccentric compression was proposed, and the calculated results were in good agreement with the test results.