The 8 January 2022 Mw6.7 Menyuan earthquake was generated in the transition zone between the western Lenglongling fault and the eastern Tuolaishan fault, both being part of the Qilian–Haiyuan fault system with an important role in the adjustment of the regional tectonic regime. In this study, four pairs of SAR (synthetic aperture radar) data from Sentinel-1 and ALOS-2 (Advanced Land Observation Satellite-2) satellites were used to derive the surface displacement observations along the satellite line-of-sight (LOS) and azimuth directions using the differential interferometric SAR (InSAR, DInSAR), pixel offset-tracking (POT), multiple aperture InSAR (MAI), and burst overlap InSAR (BOI) methods. An SM-VCE method (i.e., a method for measuring three-dimensional (3D) surface displacements with InSAR based on a strain model and variance component estimation) was employed to combine these derived SAR displacement observations to calculate the 3D co-seismic displacements. Results indicate that the 2022 Menyuan earthquake was dominated by left-lateral slip, and the maximum horizontal and vertical displacements were 1.9 m and 0.6 m, respectively. The relative horizontal surface displacement across the fault was as large as 2–3 m, and the fault-parallel displacement magnitude was larger on the southern side of the fault compared with the northern side. Furthermore, three co-seismic strain invariants were also investigated, revealing that the near-fault area suffered severe deformation, and two obviously expanding and compressed zones were identified. We provide displacements/strains derived in this study in the prevailing geotiff format, which will be useful for the broad community studying this earthquake; in addition, the SM-VCE code used in this study is open to the public so that readers can better understand the method.