Tuned mass dampers (TMDs) can be used as vibration control devices to improve the vibration performance of high-rise buildings. The Shanghai Tower (SHT) is a 632-m high landmark building in China, featuring a new eddy-current TMD. Special protective mechanisms have been adopted to prevent excessively large amplitude of the TMD under extreme wind or earthquake loading scenarios. This paper presents a methodology for simulating behavior of the new eddy-current TMD that features displacement-dependent damping behavior. The TMD model was built into the SHT finite element model to perform frequency analysis and detailed response analyses under wind and earthquake loads. Furthermore, soil-structure interaction (SSI) effects on wind and seismic load responses of the SHT model were investigated, as SSI has a significant impact on the vibration performance of high-rise buildings. It was found that SSI has more significant effects on acceleration response for wind loads with a short return period than for wind loads with a long return period. Some of the acceleration responses with SSI effects exceed design limits of human comfort for wind loads with shorter return periods. As to the seismic analyses, it was found that SSI slightly reduces the displacement amplitude, the damping force, and the impact force of the TMD.