The scale of the high arch dam project is large, and the water level is high. The construction and water storage effect will significantly impact the rock mass of the high slopes on both sides, especially on the structural planes such as internal faults. Based on the Jinping Ⅰ high arch dam, an improved Nishihara rheological damage model was established to address the phenomenon of valley shrinkage deformation. The stress and deformation states of the rock mass and dam in the reservoir area were calculated, and the results were compared with the conventional elastic–plastic finite element method. The results indicate that the improved parallel Nishihara rheological damage model can better conform to the deformation properties of the internal structural planes of the rock mass, and the calculation results using this model are closer to the actual deformation situation. When considering the structural plane's rheological characteristics, the valley shrinkage deformation law is consistent with the conventional elastic–plastic finite element calculation results, but the magnitude is too large. In addition, when considering the rheological characteristics of the structural plane, the increase in valley shrinkage deformation value further increases the stress and deformation of the high arch dam, which can better reflect the dam's working behavior and ensure the dam's safe operation.