Environmental responses to deep excavations are combined results of numerous factors. The effects of some factors are relatively straightforward and can be considered carefully during the design. On the other hand, more features impact excavation-induced performances indirectly, making their influences difficult to be clearly understood. Unfortunately, the complexity and non-repeatability of practical projects make it impossible to thoroughly understand these issues through realistic deep excavation projects. Therefore, parametric studies based on repeatable laboratory and numerical tests are desired to investigate these issues further. This work examines the influence of several key features on excavation-induced displacements through a series of 3D numerical tests. The study includes the choice of soil constitutive models, the modeling method of the soil–wall interface, and the influences of various key soil parameters. The comparison shows that the MCC model can yield a displacement field similar to the HSS model, while its soil movement is greatly improved compared to the MC model. Both the soil–wall interface properties and soil parameters impact the excavation-induced displacement to a large extent. In addition, the influence mechanisms of these parameters are analyzed, and practical suggestions are given. The findings of this paper are expected to provide practical references to the design and construction of future deep excavation projects.