Prestressed carbon fiber reinforced polymer (CFRP) has been proved effective on flexural strengthening and crack repairing of reinforced concrete beams. Various types of anchor systems were develop for prestressing CFRP composites. However, few studies were conducted for thick and wide CFRP plates. Under this background, a novel circular anchor system for popular 3 by 50 mm CFRP plates was developed and tested. Experimental results showed that the novel circular anchor system had a capacity of 297 kN, which is higher than those with small sections, and a 80% usage of CFRP tensile strength was achieved. The capacity of circular anchors is significantly affected by magnitude of interference, tooth pattern and wedge angles. A non-linear finite element model was developed to investigate mechanical performance of circular anchor system. Parameter study was performed to optimize the design of the new anchor system. Numerical results showed that wedge angle and tooth pattern dominated the failure mode and anchor strength of circular shaped anchor system.