Abstract: This paper introduces the stability problem of axially compressed members using Euler's formula， noting that it is applicable only within the elastic range and mentioning Engesser's tangent modulus theory for non-elastic cases. The derivation process of Euler's formula is also presented. It is pointed out that Euler's formula is based on the small-deflection theory， and a calculation method for the stability bearing capacity of axially compressed members is further developed based on the large-deflection theory. Analysis shows that the Euler critical force obtained using the small-deflection theory is appropriate as the stability capacity.