In order to explore the frost heave and thaw settlement characteristics of soil layers in the Sanya Estuary Channel Project, the frost heave rate and thaw settlement coefficient of gravel sand, fine sand, silty clay, and clay are obtained. The most unfavorable soil layers are then compared and analyzed. The variation law of frost heave and thaw settlement performance of the most unfavorable soil layer under different water content is studied. The results are as follows: (1) The freezing stage of the passage through the typical soil layer is divided into four stages: frost shrinkage, rapid frost heave, slow frost heave, and frost heave stability. The melting stage is divided into three stages: slow thaw settlement, rapid thaw settlement, and thaw settlement stability. (2) The most unfavorable soil layer in the typical soil layer of the Sanya Estuary Channel Project is silty clay, with a frost heave rate and thaw settlement coefficient of 4.51% and 5.88% at −28 °C. (3) The frost heave and thaw settlement performance of the most unfavorable soil layer is linearly related to water content. The larger the water content, the greater the frost heave rate and thaw settlement coefficient, and the more prone to damage.