Monitoring cable sheath current is crucial for guaranteeing the secure and efficient operation of high-voltage cable tunnels. In this study, a three-dimensional (3D) panoramic digital model of a tunnel in Beijing is modeled, a parallel cable sheath current simulation model is proposed, and a 3D panoramic visualization system with which the cable sheath current can be simulated online is developed in order to generate early warnings on the sheath current situation. The accuracy of the simulation model is verified and the results are as follows: The difference between the simulated sheath current and the actual measurement is within a maximum margin of 3.71%. A phase sequence optimization strategy can be obtained after calculations based on the simulation model, and an average sheath current reduction of 47.2% can be achieved following the optimization strategy. This study introduces a new approach by which cable sheath current dynamics and real-time warning against anomalies are visualized on a 3D tunnel model. In addition, a sheath current simulation model is integrated in the 3D visualization system developed in this study, and phase sequence optimization strategies for cables with abnormal sheath currents are automatically suggested, which may provide scientific support for auxiliary decision-making in real-time cable operation.