Saturated soft loess has a large pore structure, high compressibility, low strength, fluid plastic state, and poor engineering properties. It is still one of the key problems that engineering needs to solve. In order to study the influence of deep foundation pit excavation in the saturated soft loess area on the deformation of foundation pits, the deformation laws of ground settlement, enclosure structure, and supporting axial force were clarified based on the field tests on the deformation characteristics of deep foundation pits in areas with the high‐water level in saturated soft loess, combined with geological conditions and on‐site construction procedures. The results indicate the following: water supply and construction process were found to be the main factor in changing the surface settlement curve of deep foundation pits in saturated soft loess; increasing the construction speed of the pit bottom floor, inverted braces, floor frame beams, and sidewall frame beams to close the structure, which is conducive to restraining the deformation of the continuous underground wall and foundation pits in similar areas. In the initial stage of support layout, the axial force of steel support tends to increase too fast or even exceed the standard control value. Therefore, a reasonable preadding axial force is an effective means to control the deformation of the continuous underground wall and the axial force of the steel support. The current research results may provide a reference for constructing deep foundation pits in similar areas.