The high-steep rock slope stability is one of the key technologies in the construction of water conservancy and hydropower projects, which affects and restricts the development of hydraulic resources and the construction of hydropower projects. In this paper, a three-dimensional numerical model was built incorporating stratigraphy, geological structures, and the inverted rock mechanical parameters to perform displacement, stress, and plastic zone analyses for an excavated slope in China using the FLAC3D software. The numerical simulation results after slope excavation show that the deformation near the fault fracture zone is the largest, ranging from 350 mm to 380 mm. The compressive stress is concentrated on the slope foot and the connecting part, the stress value is 2 MPa∼5 MPa, there is a large tensile stress area in the slope, and the tensile stress value is 0 MPa∼0.4 MPa. The plastic zone of the slope is concentrated near the fault F6 and the structural influence zone, and the rock mass of the slope basically enters the plastic state. On this basis, the deformation mechanism of slope was analyzed, while the internal and external factors affecting the slope deformation were described in detail. This work would provide an effective reference basis for slope stability evaluation and treatment of similar hydropower stations.