Rolling shear is one of the major concerns that significantly impact the performance of CLT walls if they are subjected to combined out-of-plane bending and compression loads. Because the effects of rolling shear and out-of-plane bending are coupled to each other, prediction of the load-carrying capacity of CLT wall is always a challenge for the design of CLT structures. Current design codes employ an Ayrton-Perry type interaction equation as the failure criterion to check the safety of a CLT panel loaded with combined bending and compression. Nevertheless, there is no model available to predict their load-carrying capacity. The presented work aims at developing an analytical model to predict the load-carrying capacity of CLT wall loaded with combined out-of-plane bending and compression. In total 12 five-layer CLT panels loaded with different initial load eccentricities were tested to investigate the failure modes. Observed during the test were two ultimate failure modes, i.e., compression crush on the concave side and tension rupture in convex side. Based on these failure modes and deeming the test member as a beam-column, an analytical model which takes rolling shear effects into account to predict the load-carry capacity of CLT compression-bending members was developed. An explicit formula based on compression failure mode was proposed. The model is capable of determining the distribution of rolling shear stress along longitudinal direction, rolling shear-induced axial force and moments in CLT beam-columns. By calculating the load-carrying capacities of the specimens tested in this study as well as the additional three- and seven-layer specimens tested by another studies, it was found that the compression failure mode-based formula can provide good agreements with the test results.