Based on Complete Fluid-solid Coupling Theory, this paper takes permeability coefficient and void ratio as variables changing with volume strain, defines damage variables to reflect damage of surrounding rock, establishes an elastoplasticity damage constitutive model of seepage coupling of stress in surrounding rock, and then analyzes a large water conveyance tunnel in view of adverse situation of grouting circle failure. The results show that grouting circle failure has significant adverse effects on stability of surrounding rock and stress of the lining and the anchor rods.