Cold-formed steel Lipped Channel Beams (LCB) with web openings are commonly used as floor joists and bearers in building structures. Their shear behaviour is influenced by the presence of web openings and the shear capacities are considerably reduced. However, the shear behaviour and capacity of LCBs with non-circular web openings (square, rectangular and elliptical web openings) has not been investigated adequately. Hence a detailed numerical study was conducted to investigate the shear behaviour and capacity of LCBs with non-circular web openings. Finite element models of simply supported LCBs under a mid-span load with aspect ratios of 1.0 and 1.5 were developed and validated by using the available shear test results. They were then used in a detailed parametric study to investigate the effects of various influential parameters. Numerical results showed that the current shear design equations in cold-formed steel structures design standards are conservative or unsafe. New shear design equations were therefore proposed for the accurate prediction of the shear capacity of LCBs with non-circular web openings. This paper presents the details of finite element modelling of LCBs with unreinforced non-circular web openings and the development of new shear design rules. The proposed shear design equations in this paper can be considered for inclusion in the future versions of cold-formed steel design standards. Suitable design equations were also developed under the direct strength method.