An analytical model for predicting the shear strength of prestressed concrete beams without shear reinforcement was developed, on the basis of the existing strain-based shear strength model. It was assumed that the compression zone of intact concrete in the cross-section primarily resisted the shear forces rather than the tension zone. The shear capacity of concrete was defined based on the material failure criteria of concrete. The shear capacity of the compression zone was evaluated along the inclined failure surface, considering the interaction with the compressive normal stress. Since the distribution of the normal stress varies with the flexural deformation of the beam, the shear capacity was defined as a function of the flexural deformation. The shear strength of a beam was determined at the intersection of the shear capacity curve and the shear demand curve. The result of the comparisons to existing test results showed that the proposed model accurately predicted the shear strength of the test specimens.