Deep-sea pressure vessels are specialized pressure vessels designed for automatic deployment from underwater to the surface. These vessels find extensive applications in underwater life-saving and transportation. Their interiors are furnished with a pair of sealing rings, one of which is lip-shaped, and the other is a convex shape, to ensure a dependable seal. With increasing water depth, the sealing rings experience augmented pressure, resulting in a gradual pressing of the rings into the sealing groove. Using ANSYS workbench finite element software, a two-dimensional axisymmetric lip seal finite element model using forces for overall constraint was established, the complete process of progressive pressing into the sealing groove was simulated, and the deformation, contact stress, maximum shear stress, and von Mises stress distribution was also simulated. We also conducted a comparative analysis of lip seals under low and high-water pressure sealing conditions. The findings of the study indicate that when subjected to a combined effect of the installation pre-tightening force and the working water pressure, the lip seal experiences complete compression into the sealing groove at a specific water depth. When subjected to the simultaneous influence of water pressure on the sealing ring material and friction force on the contact surface, two extremes of contact stress manifest in the primary sealing zone of the lip seal. These extremes have the capacity to elevate the contact stress and the effective sealing width, ultimately leading to an improvement in the sealing performance. Concurrently, as the water pressure gradually increases, the inner concave circle of the sealing ring experiences stretching, leading to a reduction in stress concentration, equivalent stress, and shear stress to a considerable extent. This mechanism ensures that the lip-shaped sealing ring retains sufficient strength. This study offers a viable solution for conducting sealing studies on deep-sea separable pressure vessels.