This paper presents a study on the influence of the construction of an ultralarge-diameter shield tunnel undercrossing the existing high-speed railway using the empirical method, numerical analysis method, and geotechnical centrifuge model experiment based on the Wuhan Lianghu Highway Tunnel project. The comparison of the results obtained from the three methods shows first, that the results obtained from the centrifuge model experiment and numerical simulation match well with the results obtained from the empirical method for the worst-case scenario and the most likely scenario, which are consistent with the unfavorable geological and construction conditions modeled in the centrifuge test and the possible geological and construction conditions modeled in numerical simulation. Second, both the results obtained from the numerical method and the centrifuge model experiment show that the asymmetry of the settlement of railway subgrade was induced by a shield tunnel, while the asymmetry of railway subgrade settlement curve is gradually weakening with tunneling. Third, the maximum settlement of the railway subgrade could vary between 20 mm (in the most likely scenario) and 65 mm (in the worst scenario). Both the results from the centrifuge test and the numerical simulation show that the allowed value of maximum differential settlement along the railway subgrade (5 mm/10 m) would be exceeded when the tunnel excavation passes the first track at 10 m. It indicates that some mitigation measures should be taken for controlling the influence of the construction of a shield tunnel, especially when the shield tunnel machine is about underneath the pass railway subgrade. It is suggested that the shield machine should underpass the railway subgrade during the skylight period of railway operation.