A steel column that is reinforced by prestressed stays generally has an increased strength in axial compression. A geometrically nonlinear model accounting for the post-buckling behaviour of the stayed column is formulated using the Rayleigh–Ritz method and then validated using the finite element method. It is found that the post-buckling behaviour is strongly linked to the level of the initial prestress. As the prestress is increased, the following different levels of the responses can be observed in sequence: initial Euler buckling that subsequently restabilizes strongly, the critical load increasing with a post-buckling path that is either stable or unstable, an upper limit for the critical load where the post-buckling is unstable after an initially rather flat response. These findings are important for designers aiming to achieve safer and more efficient designs for this structural component.