The underground powerhouse of Lianghekou hydropower station is deeply buried with high ground stress and complicated geological conditions. To delineate rock mass damage zones and analyze the stability of underground powerhouse subjected to excavation disturbance, an ESG monitoring system was applied to carry out real-time monitoring against the inner micro-fracture activity of surrounding rock mass. In order to solve the problem that the deformation of surrounding rock mass cannot be monitored due to the failure of multipoint displacement meters, the engineering analogy method is adopted to forecast the deformation of surrounding rock mass by comparing the similar projects of Houziyan and Baihetan hydropower stations. Research results show: (1) The failure of surrounding rock mass was stress-driven failure, and was primarily characterized by a medium degree of stress-induced failure. (2) During the monitoring period, microseismic (MS) events clustering area formed, which was both related to blasting excavation disturbance of the bus tunnel and the formed crossed free surfaces. (3) The seismic source parameters during the deformation of surrounding rock mass in similar projects were analyzed, and the variation characteristics of the frequency, energy, b-value, central frequency, apparent stress, and apparent volume of MS events were summarized. (4) The engineering analogy method was adopted to forecast that the deformation period of surrounding rock mass of Lianghekou hydropower station is from April 25 to May 2, 2016. The present achievements can provide some references for similar deep underground excavation engineering.