A contact shape meter with new structure, called MPIBPST(Multi-Roll-Piece Inner Bore Piezomagnetic Sensor Type) shape meter, for cold-rolled steel strip is developed, and it is applied to 1050II HC mill. Optimization design on the structure of shape meter roll is carried out and shape signal is compensated properly from several perspectives, for example, shape meter roll deflection, strip temperature and amplitude-frequency characteristic, etc. The application result shows that the MPIBPST shape meter has the advantages of rational structure, stronger anti-interference ability, signal stability and credibility, high-precision and a long service life.