In this study the method based on flux linkage in cell was introduced in calculation of eddy currents by cell method. According to this method eddy current distribution and the loss can be evaluated and since the shielding effectiveness by flux cancelation of eddy current can be analyzed, this method is applicable to design of conductive shield. And also the formula of shielding factor were so deduced as to be applicable to finite-width infinite-length shielding sheets and infinite-length underground cable shield. These formula are adaptable to magnetic materials as well as conductive materials. As the results of calculation in model shields are follows. In case of finite-width infinite-length shielding sheet, shielding effectiveness increases with increasing of conductivity. In case of infinite-length underground cable shield, the effectiveness become higher with increasing of permeability. Especially the effectiveness is very high in materials with both high conductivity and permeability in underground cable shield.