Mine landslides are geological disasters with the highest frequency and cause the greatest harm worldwide. This typically causes significant casualties and damage to property. The study of the formation mechanisms and kinematic processes of mine landslides is important for the prevention and control of mine geological disasters and mine production safety. This study examined the “7.26” landslide, which occurred in the West Open-pit Mine of Fushun, China, in 2016, based on detailed investigations, interferometric synthetic aperture radar (InSAR) monitoring, and numerical simulations. The mechanism of landslide formation was explored, its kinematic process was inverted, and its disaster evolution process was summarized. The results indicate that: (1) For the formation mechanism of the “7.26” landslide, in July 2015, the old sliding mass was reactivated and deformed along the dominant joints in the shale. The following year, owing to continuous rainfall during the rainy season, the sliding surface accelerated its connection. Finally, a rainstorm on 25–26 July 2016, triggered slope instability. (2) The process of continued movement after landslide instability was approximately 250 s. It can be divided into the landslide initiation (0–10 s), collision scraping (10–150 s), and accumulation stages (150–250 s). (3) The entire process of landslide disasters includes four stages. During the weak-deformation stage, the maximum deformation of the sliding mass monitored by InSAR was approximately 50 mm. During the strong deformation stage, the tensile cracks at the rear edge of the landslide continued to expand, and shear outlets at the front edge had already formed. During the instability and failure stages, rainstorms trigger slope instability, leading to landslides. During the sliding accumulation stage, the landslide mass transformed into debris flow along the slope surface and accumulated at the bottom of the pit. This study provides a theoretical basis for the subsequent evaluation, treatment, monitoring, and warning of landslides in the Fushun West Open-pit Mine and other deep excavation open-pit mines.