In recent years, the Ningbo Plain has experienced significant surface subsidence due to urbanization and industrialization, combined with the area’s unique geological and hydrological conditions. To study the surface subsidence and its causes in the Ningbo Plain, this study analyzed 166 scenes of Sentinel-1A SAR images between January 2018 and June 2023. The time series interferometric synthetic aperture radar (TS-InSAR) technique was used to acquire surface subsidence information in the area. The causes of subsidence were analyzed. The results show that: (1) the annual deformation rate of the Ningbo Plain ranges from −44 mm/yr to 12 mm/yr between 2018 and 2023. A total of 15 major subsidence zones were identified by using both the subsidence rate map and optical imagery. The most severe subsidence occurred in the northern industrial park of Cixi City, with a maximum subsidence rate of −37 mm/yr. The study reveals that the subsidence issue in the main urban area has been significantly improved compared to the 2017 subsidence data from the Ningbo Bureau of Natural Resources and Planning. However, three new subsidence areas have emerged in the main urban area, located, respectively, in Gaoqiao Town, Lishe Town, and Qiuyi Village, with maximum rates of −29 mm/year, −24 mm/year, and −23 mm/year, respectively. (2) The causes of subsidence were analyzed using various data, including land use data, geological data, groundwater-monitoring data, and transportation network data. It is found that a strong link exists between changes in groundwater levels, compressible layer thickness, and surface subsidence. The groundwater levels changes and the soft soil layer thickness are the main natural factors causing subsidence in the Ningbo Plain. Additionally, the interaction between static loads from large-scale industrial production and urban construction, along with the dynamic loads from transportation networks, contribute significantly to surface subsidence in the Ningbo Plain. The results from this study enhance the understanding of the driving factors of subsidence in the Ningbo Plain, which can provide necessary guidance for the economic development and decision-making in the region, helping to manage and potentially mitigate future subsidence issues.