This paper takes the surrounding rock of deep tunnel as the research object and considers the action mechanism under the influence of seepage. Based on the Mohr-Coulomb criterion, the stress mechanism of surrounding rock of deep buried tunnel is analyzed by a convergence constraint method. Based on the elastic-plastic solution, the nonlinear elastic-plastic solution of the interaction between surrounding rock and lining structure considering the effect of seepage force is proposed, and the radius of surrounding rock plastic zone is obtained. The relationship between surrounding rock stress and displacement, radial deformation of lining, and support reaction force was observed. At the same time, considering the effects of seepage, strain softening, and intermediate principal stress, the surrounding rock is divided into a plastic residual zone, plastic softening zone, and elastic zone, and the stress distribution expressions of the plastic zone and each zone of surrounding rock of circular tunnel are derived. The results show that with the change of nonuniform permeability coefficient, the seepage shows anisotropy in different directions, and the closer to the horizontal or vertical direction, the more obvious the influence of nonuniform permeability coefficient on pore water pressure distribution. Seepage and material softening have different effects on the distribution of surrounding rock stress field and the size of plastic zone. Material softening is more unfavorable to the stability of surrounding rock than seepage. The intermediate principal stress coefficient has a significant impact on the tangential stress and plastic zone of surrounding rock. When the intermediate principal stress effect is not considered, the calculation results are relatively conservative and cannot give full play to the strength of surrounding rock effectively. The research conclusion can provide a theoretical reference for studying the stability of surrounding rock in tunnel excavation under water-bearing rock.