［Objective］Deep foundation pit excavation above existing metro tunnels may cause tunnel deformation. Vertical excavation with steel sheet pile support can reduce the amount of overburden soil removed from each segment, which is conducive to help control the tunnel uplift. It is required to conduct an in-depth analysis of the deformation effects of vertical excavation with steel sheet pile support on underlying metro tunnels.［Method］Based on a metro tunnel engineering, using numerical simulation method, two-dimensional and three-dimensional finite element models of a foundation pit retained by steel sheet piles are established, to simulate the dewatering conditions of the foundation pit and the conditions of different excavation steps separately. Then, through linear regression analysis, the impact of earthwork excavation on the settlement and horizontal displacement of the underlying tunnel is discussed. Through the verification model results and field-measured results, the influence of soil excavation on underlying tunnel settlement and horizontal displacement is discussed. After verifying model reliability with field-monitored data, tunnel uplift deformation under steel sheet pile support conditions is further predicted.［Result & Conclusion］Vertical excavation with steel sheet pile support can effectively control tunnel deformation. The peak settlement at underlying tunnel vault is greater and exhibits larger variation than that at arch waist, and the variation amplitude is bigger; the reduction coefficient for tunnel settlement dewatering impact obtained from monitoring data fitting is 0.05 to 0.30. In areas with greater overburden soil, the empirical reduction coefficient tends to be higher; the horizontal displacement is not under dewatering impact and no reduction is needed. It is predicted that after correction, in the steel sheet pile excavation section, the tunnel vault uplifts on east-line and west-line are approximately 3.3 to 5.7 mm and 4.5 to 6.6 mm, respectively.