The mechanical properties and failure characteristics of soil–rock mixtures (SRMs) directly affect the stability of tunnels constructed in SRMs. A new SRM modelling method based on the combined finite–discrete element method (FDEM) was proposed. Using this new SRM modelling method based on the FDEM, the mechanical characteristics and failure behaviour of SRM samples under uniaxial compression, as well as the failure mechanism of SRMs around a tunnel, were further investigated. The study results support the following findings: (1) The modelling of SRM samples can be achieved using a heterogeneous rock modelling method based on the Weibull distribution. By adjusting the relevant parameters, such as the soil–rock boundaries, element sizes and modelling control points, SRM models with different rock contents and morphologies can be obtained. (2) The simulation results of uniaxial compression tests of SRM samples with different element sizes and morphologies validate the reliability and robustness of the new modelling method. In addition, with increasing rock content, VBP (volumetric block proportion), the uniaxial compressive strength and Young’s modulus increase exponentially, but the samples all undergo single shear failure within the soil or along the soil–rock interfaces, and the shear failure angles are all close to the theoretical values. (3) Tunnels in SRMs with different rock contents all exhibit X-shaped conjugate shear failure, but the fracture network propagation depth, the maximum displacement around the tunnel, and the failure degree of the tunnel in the SRM roughly decreases via a power function as the rock content increases. In addition, as the rock content increases, such as when VBP = 40%, large rocks have a significant blocking effect on fracture propagation, resulting in an asymmetric fracture network around the tunnel. (4) The comparisons of uniaxial compression and tunnel excavation simulation results with previous theoretical results, laboratory test results, and numerical simulation results verify the correctness of the new modelling method proposed in this paper.