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Global inspection of large-scale tunnels is a fundamental yet challenging task to ensure the structural stability of tunnels and driving safety. Advanced LiDAR scanners, which sample tunnels into 3D point clouds, are making their debut in the Tunnel Deformation Inspection (TDI). However, the acquired raw point clouds inevitably possess noticeable occlusions, missing areas, and noise/outliers. Considering the tunnel as a geometrical sweeping feature, we propose an effective tunnel deformation inspection algorithm by extracting the global spatial axis from the poor-quality raw point cloud. Essentially, we convert tunnel axis extraction into an iterative fitting optimization problem. Specifically, given the scanned raw point cloud of a tunnel, the initial design axis is sampled to generate a series of normal planes within the corresponding Frenet frame, followed by intersecting those planes with the tunnel point cloud to yield a sequence of cross sections. By fitting cross sections with circles, the fitted circle centers are approximated with a B-Spline curve, which is considered as an updated axis. The procedure of “circle fitting and B-SPline approximation” repeats iteratively until convergency, that is, the distance of each fitted circle center to the current axis is smaller than a given threshold. By this means, the spatial axis of the tunnel can be accurately obtained. Subsequently, according to the practical mechanism of tunnel deformation, we design a segmentation approach to partition cross sections into meaningful pieces, based on which various inspection parameters can be automatically computed regarding to tunnel deformation. A variety of practical experiments have demonstrated the feasibility and effectiveness of our inspection method.