A method to analyse propagation characteristics and loss of the metal-clad graded-index optical waveguides is proposed. The propagation constant and attenuation coefficient are calculated by using perturbation and multi-layer approximation for graded-index waveguides with the aid of recursion formulas. Metal-clad waveguides with typical refractive index profiles are analysed and discussed. The numerical results of this method agree well with those by exact numerical calculations.