Hysteresis loops of Pb(Zr, Ti)O3 (PZT) thin films obtained by using a Sawyer-Tower (ST) circuit are affected by many factors. This paper investigated the influence of space charge on the hysteresis loop of thin-film ferroelectrics, based on the model that polarization consists of two parts: linear and switching polarization. It is found that the space charge affects both the shape and offset of the ideal hysteresis loop. Further investigation shows that the practical hysteresis loop has a close relationship with the equivalent ST circuit parameters: the leakage resistance of the FE film, the equivalent input impedance of the measurement equipment, the signal source, and other similar parameters. The normally assumed symmetric hysteresis loop without any offset is obtained with an ST circuit when the output becomes stable. The hysteresis loop obtained at the initial stage of applied signal depends on the initial status of the FE film, and remnant polarization causes an initial offset that gradually disappears.