The analysis of plastic loosening zone of tunnels with cold condition, high in situ stress, and weak stratum is the key scientific problem of tunnel construction in cold areas. Based on the unified strength theory and considering the coupling effect of high in situ stress and low‐temperature field, the analytical model of the plastic loosening zone of tunnel surrounding rocks was proposed, and the influence laws of physical parameters (initial ground stress, freezing temperature, excavation radius, and intermediate principal stress) was explored. The results illustrate that: (1) with the coupling of low temperature and stress fields, the in‐situ stress has a more significant effect on the radius of the plastic loosening zone of the tunnel surrounding rocks, showing a nonlinear correlation. When the in situ stress is small, the influence of the temperature field on the radius of the plastic loosening zone is more obvious. (2) The radius of the plastic loosening zone of the tunnel surrounding rocks increases synchronously with the excavation radius and gradually decreases with the increase of the intermediate principal stress. (3) The greater the temperature difference in the low‐temperature field, the tunnel stability has a more significant response to the intermediate principal stress and is positively correlated with the coefficient of the intermediate principal stress. (4) In the actual project, the proposed model can well describe the mechanical behavior and deformation characteristics of tunnel surrounding rocks in low‐temperature environment, showing applicability. The research results are expected to provide a theoretical basis for the study of tunnel stability in cold areas.