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The performance of a 56 m deep circular excavation supported by a double-wall system, consisting of an inner circular diaphragm wall and an outer rectangular cut-off wall, in Shanghai soft ground is studied in this paper. The surveyed data (e.g., lateral wall deflections (δh), horizontal displacement of soil (δs), ground surface settlement (δv), earth pressure (P), pore water pressure (Pw), and stress path) is systematically investigated. The results show that the maximum lateral wall deflections are 0.002% ~ 0.03% of the excavation depth (He). The maximum ground surface settlement (δvm) is generally larger than δhm, which is located at 0.4 ~ 0.6He. Moreover, an innovative formula is proposed to estimate the ground settlement. It is able to distinguish different characteristics of surface settlement in different zones of the settlement profile. The ground surface settlements are mainly induced by surcharge loading and continuous excavation, and they are related to the change in confined water level. The lateral earth and pore water pressures in the active zone are relatively insensitive to the excavation, while the correlation becomes obvious in the passive zone. The findings from this study can be helpful to the design of other similar deep excavations in soft clay.