In order to study the elastic–plastic stress field distribution of a double-row-pipe frozen wall, the temperature field of the double-row-pipe frozen wall is equivalent to a trapezoidal distribution, and the frozen wall is regarded as an elastic–plastic thick-walled cylinder with functionally gradient material (FGM) characteristics in the radial direction. Considering that the elastic modulus and cohesion of the frozen wall material change linearly with the radius, the elastic–plastic analysis of the frozen wall is carried out based on unified strength theory. The analytical solutions of the elastic–plastic stress field distribution, the elastic ultimate bearing capacity, the plastic ultimate bearing capacity, and the relative radius of the plastic zone of the frozen wall are derived. The analytical solution is calculated based on the engineering case and compared with the numerical solution obtained based on COMSOL. At the same time, the influence of strength theory parameters on the mechanical properties of heterogeneous and homogeneous frozen walls is analyzed. The results show that the analytical solution and the numerical solution are in good agreement, and their accuracy is mutually verified. The external load on the frozen wall of the selected layer is greater than its elastic ultimate bearing capacity and less than its plastic ultimate bearing capacity, which indicates that the frozen wall is in a safe state of stress. The radial stress increases with the increase in the strength theoretical parameter b and the relative radius r, the tangential stress increases with the increase in the strength theoretical parameter b, and first increases and then decreases with the increase in the relative radius r. The larger the strength theoretical parameter b, the smaller the relative radius of the plastic zone of the frozen wall. The strength theoretical parameter b increases from 0 to 1, the elastic ultimate bearing capacity and plastic ultimate bearing capacity of the heterogeneous frozen wall increase by 33.3% and 40.8%, respectively, and the elastic ultimate bearing capacity and plastic ultimate bearing capacity of the homogeneous frozen wall increase by 33.3% and 41.0%, respectively. Therefore, considering the influence of intermediate principal stress, the potential of materials can be fully exerted and the ultimate bearing capacity of frozen walls can be improved. This study can provide theoretical reference for the design and construction of frozen wall.