For the construction of a subway station, temporary vertical shafts were commonly used to facilitate machine operation. In densely urban areas, the requirement of settlement control and environmental impact called for a novel construction method of vertical shafts. In this paper, a novel swift-assembled support (SAS) structure and construction method for vertical shafts of a metro station was proposed, using prefabricated steel components. A comprehensive scheme of full-time monitoring was conducted to evaluate the performance of this novel support structure and ground response. Field monitoring results indicated that the SAS method was able to control the settlement of ground and adjacent buildings. Based on the field measurements, the calculation theory for design parameters were discussed. The active earth pressure yield from the method considering wall movement was closer to the field measurements. All of the local buckling values were both overestimated based on the technical standards’ methods. The calculation methods were thereby adopted carefully to determine the designed loading share ratio of structure components. The advantage of the SAS method, including rapid construction, safety, and lower environmental impacts, were obviously clear.