The excavation of the pit causes displacement of the surrounding soil, and the excessive deformation causes damage to the existing support structure, which in turn affects the safety of the pit. Reasonable calculation of structural deformation and internal force is crucial for design and construction. Most of the existing theoretical methods simplify the diaphragm wall(DW) as an Euler-Bernoulli beam acting on the Winkler foundation, consider beam-soil interaction, and simplify the soil as isotropic and continuous. However, the shear effects due to the differential deformation of the structure, the unloading stresses acting on the structure due to foundation excavation, and the discontinuous nature of the multilayered soil are neglected. In this paper, an improved analysis method is proposed based on the elastic foundation beam theory. The DW is simplified as a Timoshenko beam and the foundation is simplified as a Vlasov two-parameter model, and a proposed model considering the shear effect of the DW and the interaction of adjacent springs is established, and the proposed method for the deformation and internal force of the DW is obtained by the finite-difference method. The correctness and applicability of the proposed method are verified by numerical simulation and field monitoring data. The effects of equivalent bending stiffness, equivalent shear stiffness, soil elastic modulus, and excavation depth on the deformation and internal force of the DW were further analyzed. The results show that the proposed method can accurately solve the deformation and internal force of the DW, and the maximum errors between the proposed method and the numerical simulation results are only 4.5 % and 1.3 %, respectively. The equivalent bending stiffness of the DW and the elastic modulus of the soil have more significant effects on the horizontal deformation and internal force. The excavation depth is more sensitive to the deformation of the DW, and there is an exponential decay trend between the two. When the equivalent shear and bending stiffnesses reach 6.8×107 kN·m2 and 2.9×107 kN/m, the effect on the horizontal deformation is no longer obvious. The proposed method in this paper can accurately calculate the internal force and deformation of the DW.