During the construction of the underpass of a new tunnel, the excavation unloading effect disturbs surrounding rock masses and promotes surrounding rock deformation, inevitably changing stress and displacement in the existing tunnel. Taking Yangtaishan tunnel excavation of Shenzhen Metro Line 6 as an engineering example, effects of excavation programs of left and right lines on the deformation characteristics of newly excavated and existing tunnels were evaluated based on Midas numerical model and priority excavation advantages of the left line were determined. The settlement and horizontal deformation characteristics of the existing tunnel were analyzed using the construction monitoring method. Results showed that maximum settlement and horizontal deformation of the existing tunnel were 1.35 and 0.23 mm, respectively. Settlement of invert and inverted top along axis direction was from growth to decline, and then a V-shaped settlement trough was formed with maximum settlement values of 1.36 and 0.97 mm, respectively. Maximum settlement and uplift of the newly built tunnel appeared on the upper and bottom parts of invert, respectively. In the newly built tunnel segments, the top settlement was dominated and deformation was mainly distributed in both side areas. At the top of the existing tunnel segment, convergence settlement was 3.09 mm and settlement rate was slow first which was accelerated, then stabilized, and finally slowed down again which was opposite to the uplift development trend of the bottom of tunnel segment. The top of the existing tunnel segment showed four settlement stages, slow, rapid, stable, and slow settlement stages. Compared with the right line, preferential excavation of the left line had obvious advantages in terms of tunnel stability. The unloading effect of TBM excavation created vault settlement in the existing tunnels where actual settlement values were 1.12 and 1.13 times, which theoretically calculated settlement. The horizontal deformation of the existing tunnel was varied first linearly and then nonlinearly with maximum deformation in the convergence stage of 1.47 mm.