To minimize the impact on nearby structures during deep excavations, choosing an appropriate soil constitutive model for analysis holds significant importance. This study aims to conduct a comparative analysis of various constitutive soil models—namely, the Mohr–Coulomb (MC) model, the hardening soil (HS) model, the hardening soil small strain (HSS) model, and the soft soil (SS) model—to identify the most suitable model for the lacustrine deposit. To implement these models, the soil’s index properties and mechanical behavior were evaluated from undisturbed soil samples. The numerical simulation and verification of these properties were carried out by comparing the laboratory test results with the outcome of the finite element method; the most suitable constitutive soil model for the soil was identified as the HSS model. Upon analyzing the wall deflection and ground settlement profiles obtained from respective constitutive models, it was observed that the HS and HSS models exhibit similar characteristics and are well-suited for analyzing typical lacustrine soil. In contrast, the MC and SS models yield overly optimistic results with lower wall deflection and ground settlement and fail to predict realistic soil behavior. As a result, this research highlights the significance of selecting the appropriate constitutive soil model and refining the parameters. This optimization process contributes significantly to the design of support systems, enhancing construction efficiency and ensuring overall safety in deep excavation projects.