Abstract: There is leakage current between the core and the metal sheath in high voltage (HV) cables. The current analysis and calculation of sheath circulating current has not accurately accounted for its influence. Therefore, we propose a calculation method for circulating current of metal sheath in HV cables considering leakage current and interlayer coupling. Firstly, the equivalent calculation model of sheath circulating current based on the double π model of the cable with lumped parameter is established. When analyzing the effect of leakage current, the electromagnetic induction between the core and sheath and between different sheaths is considered. Then, the calculation process of sheath circulating current at the monitoring point and any position considering leakage current and interlayer coupling is deduced by the superposition principle. Finally, the simulation models under different arrangements and segment length combinations are built based on PSCAD/EMTDC, and calculation results are verified combined with an engineering cases. On this basis, the influences of load current, segment length combination and arrangement on circulating current of sheath are analyzed. The results show that the deviation between sheath circulating current obtained by this method and simulation value is mostly within 1% and the engineering case analysis also verifies its accuracy; in addition, attention should be paid to the phenomenon that circulating current exceeds the standard at light load and the important influence of segment length combination to sheath circulating current in projects. The above methods and analysis results have certain reference significance for cable design, operation detection, fault diagnosis and location.