Well water levels can reflect the stress placed on a confined subsurface aquifer system in a similar manner to a strain meter. Based on observations of the geophysical field in Lhasa combined with digital data recorded at an underground fluid well at the Lhasa geomagnetic station in recent years, we comprehensively analyzed the characteristics of co-seismic changes caused by 14 different-magnitude M ≥ 5 earthquakes recorded in the well. The results show that (1) the co-seismic changes in water temperature and water level are different; the water level exhibits oscillation-type changes, while the water temperature variations indicate first heating and subsequent recovery. (2) The co-seismic changes are related to the epicentral distance, magnitude and focal depth of the earthquake. The closer the epicenter is to the well, the earlier the co-seismic responses occur, but the time interval between the co-seismic changes in the water level and temperature differs. (3) The co-seismic ratio of the water temperature is higher than that of the water level; this may be related to faulty water level instrumentation or segmented records.