In recent years, subway systems have effectively alleviated urban traffic congestions. However, thermal pollution of underground spaces is a prevailing problem, which poses a serious threat to the safe and efficient operation of subways. The subway source heat pump system (SSHPS), equipped with a front-end tunnel lining heat exchanger, is an effective solution to tackle the aforementioned problem. However, the design methodology and operational strategy of the system is not yet established, which necessitates an analysis of its long-term operational characteristics. In this study, an SSHPS simulation model was developed using the TRNSYS simulation tool based on a demonstration project and the model was subsequently validated against measured data. The validated model was used to evaluate the long-term performance and operational characteristics of the subway system under various internal heat source intensities ranging from 0 W/m to 240 W/m. The simulation results showed that the tunnel air temperature steadily increased as the internal heat source intensity increased. When the internal heat source was 0 W/m, the average annual decrease in tunnel air temperature was 0.11 °C. However, the average annual tunnel air temperature did not fall below the minimum subway design specification temperature of 5 °C at any point in time. When the internal heat source was 120, 180, and 240 W/m, the tunnel air temperature exceeded the maximum temperature of 40 °C stipulated in subway design guidelines on multiple occasions. As the internal heat source intensity increased, the performance of both the heat pump unit and SSHPS progressively decreased during the cooling season and gradually increased during the heating season. The runtime of the heat pump unit gradually decreased from 92.72 % to 77.57 % during the cooling season, whereas it increased from 46.92 % to 89.41 % during the heating season. The heat pump unit exhibited an average energy efficiency ratio (EER) of 5.07, 4.95, 4.87, 4.80 and 4.76 whereas the SSHPS demonstrated an average EER of 3.04, 3.01, 3.00, 2.99 and 2.98. Throughout its operational years, the SSHPS consistently maintained stable and cyclically high performance. However, the system did not fully meet the specified cooling and heating loads under all operational conditions, indicating that there was a source–load mismatch issue within the system. Hence, it is recommended to incorporate auxiliary cold and heat sources, thereby establishing a composite heating and cooling system based on subway source heat pump technology, with the aim of enhancing the reliability of energy supply for the system. This study can serve as a valuable reference for formulating high-efficiency and energy-saving operational strategies for SSHPSs.