Rapid metro expansion is accompanied by frequent construction accidents, making deformation monitoring and interpretation crucial for ensuring construction safety. Considering the incoherence due to the construction, this paper optimized MT-InSAR results according to the subway construction characteristics, and on-site measurements are used for validation. Moreover, the deformation process of the construction area of Shapu Station on Shenzhen Metro Line 12 is interpreted, and in collaboration with underground finite element simulation, it forms a surface underground deformation simulation analysis to solve the spatial resolution contradiction of traditional single methods. Then, the deformation and evolution process of the construction area at Shapu Station on Shenzhen Metro Line 12 were explained. The results show that: ① The number of points and coherence in the Shapu construction area are significantly improved; ② Combined analysis of groundwater level and leveling measurements reveals that excavation of foundation pits and tunnel lead to uneven settlement of surrounding structures by 10–30 mm, with three settlement funnels identified; ③ Combining the surface-underground deformation measurements and finite element simulation analysis, it is shown that the main structural deformation after backfilling is caused by the load of backfill soil, with an average compression of about 4.31 mm in the backfill soil layer.