Due to their many advantages, adhesively bonded joints are widely used to join components in composite structures. However, premature failure due to debonding and peeling of the joint is the major concern for this technique. Existing analytical models suffer from two major drawbacks: 1) not satisfying zero-shear stress boundary conditions at the adhesive layer's free edges([1]) and 2) failure to distinguish the peel stress along two adherend/adhesive interfaces([2]). In this study, we develop a novel three parameter elastic foundation (3PEF) model to analyze a representative adhesively bonded joint, the symmetric double-lap joint, which is believed to have relatively low peel stresses. Explicit closed-form expressions of shear and peel stresses along two adhesive/adherend interfaces are yielded. This new model overcomes the existing model's major drawbacks by satisfying all boundary conditions and predicting various peeling stresses along two adherend/adhesive interfaces. It not only reaches excellent agreement with existing solutions and numerical results based on finite element analysis but also correctly predicts the failure mode of an experimentally tested double-lap joint. This new model therefore reveals the peel stresses' significant role in the failure of the double-lap joint, but the classical 2PEF model cannot create it.