Understanding the failure process and the load-bearing arch effect of the surrounding rock is crucial for the stability control and support design of tunnels under high geostresses. In this study, the progressive collapse behavior and the formation mechanism of the load-bearing arch of a soft rock tunnel under high geostress were investigated by a model test and numerical simulations. First, a large-scale model test was conducted to study the stress redistribution rules and the failure process of the soft rock under different overloads. According to the model test results, the formation of the final load-bearing arch was divided into four stages including initial local load-bearing arch formation, rock failure inside the local arch, overall load-bearing arch formation and load-bearing arch outward transition. Both the progressive failure and arch mechanism were related to the stress transfer effect. Then, numerical simulations were carried out to verify the stress response results from the model test. The determination method for the inner and outer boundaries of the load-bearing arch was put forward based on the circumferential stress distribution, which was validated by the model test results. Furthermore, the relationship between the radial displacement of the tunnel boundary and the arch position was illustrated. It was found that the load-bearing arch showed an oval shape with a big top and a small bottom. The arch position was linearly correlated with the radial displacement at the tunnel wall. This study provides a comprehensive understanding of the load-bearing arch characteristics of large cross-section tunnels in soft rocks under high geostress conditions, which can be referred to in construction control and support design during tunnel construction.