The acoustic problem of an eccentric drill collar in a fluid-filled borehole has been of interest in the field of acoustic logging while drilling (ALWD) in recent years. To reduce the effects of tool eccentricity on ALWD measurements, studies on acoustic responses under such conditions are essential. This study therefore has developed an analytical method to investigate borehole wavefields with an off-center monopole ALWD tool in both fast and slow formations. By evaluating the contributions of compressional and shear branch points, the effects of the tool eccentricity on individual formation primary and shear head waves were investigated. Results illustrate that tool eccentricity only affects the excitation properties, while it has almost no effect on the extracted velocities. The joint analysis of synthetic full waveforms and dispersion diagrams with varying eccentricity degrees indicates that multipole modes are excited when the tool is off-center, and their excitation amplitudes gradually increase with increasing eccentricity, especially in the direction of tool movement. Moreover, the dispersion analysis reveals that the two modes with intersections in the centered case are coupled when the tool becomes eccentric. In particular, the coupling performance between the Stoneley and flexural modes is the most prominent. Furthermore, the effects of tool eccentricity on the monopole acquisition method, i.e., the sum of waveforms received at four orthogonal azimuths, are evaluated. Results show that the above summation method can effectively reduce the effects of slight or moderate eccentricity. However, for large or extreme eccentricity, reducing or eliminating the effects of eccentricity on the Stoneley wave is a challenge for this method. Based on the above analyses, measurements may not be reliable for formation evaluation in the case of extreme eccentricity, especially for Stoneley wave applications.