Oujiang River North Estuary Bridge in Wenzhou is the world’s first double‐deck suspension bridge under construction with three‐tower and four‐span. It is the first time to build large open caisson foundation in the deep marine soft clay in estuary with strong tide, extending the application scope of caisson. To study the deformation and stress characteristics of large open caisson during excavation and ensure the safety of anchorage excavation, a large number of sensors are arranged in the caisson. By analyzing the change of tip resistance, lateral soil pressure, and posture parameters during caisson excavation, the stress characteristics and deformation of caisson are described. The result shows the following. (1) Because of the thixotropy of soft clay, the reaction force of partition wall in deep soft soil area of caisson is similar to that of blade foot, and the reaction force of blade foot can be effectively reduced through the layering construction of caisson. (2) The height of caisson construction and the sand‐bearing stratum will obviously affect the plane torsion angle of caisson. When the caisson enters the sand‐bearing stratum, the lateral soil pressure increases significantly, which leads to the increase of the plane torsion angle. (3) The inclination and central deviation of caisson are sensitive to the caisson construction and stratum property. It can be found that the lateral soil pressure, plane torsion angle, inclination, and central deviation of caisson are sensitive to stratum property, and inhomogeneity of stratum easily leads to inclination of caisson. Based on the field monitoring data, the stress characteristics and geometric posture of caisson during sinking are studied, which provide technical guidance for scheme design and subsidence prediction analysis of caisson in deep marine soft clay. It can provide a good opportunity to study the behaviors of large caisson foundation constructed in deep marine soft clay and has great significance and reference value for construction optimization of anchorage structure.