The invention discloses a soil pressure balanced shield model test system capable of realizing a cutterhead and lining pressure monitoring function. The system comprises a model case and a model shield machine. The model shield machine comprises a shield casing, a cutting system, a jacking system, an excavation system, a support system and a pressure monitoring system. A detachable separator platein a middle position of the model case divides the model case into two parts in the same volume. A lining is fixed to the shield casing to realize a lining support function in the excavation processof the shield machine. Soil pressure and water pressure sensors are arranged on a cutterhead of the shield machine, and a wireless emitter emits soil pressure and water pressure data in the excavationsurface in real time, and a wireless receiver receives soil pressure and water pressure data in the excavation surface in real time. The soil pressure and water pressure sensors are arranged outsidethe lining, and senor leads are led out of a lead duct outside the lining, and are connected with an external data collector directly. The model shield test system can simulate the excavation processof the shield machine as well as a lining support function of the same.