Nuclear power tube plates are made from the high-strength, low-carbon alloy steel SA-5083, which has high values of toughness and plasticity, though it is forged with poor consistency and entails serious work hardening. It requires a large number of deep holes with a high machining accuracy and high surface quality to be processed. However, the quality of the processed holes is often not up to the standard of the Boring and Trepanning Association (BTA) for the deep-hole drilling of tube plates; this has led to deep-hole processing becoming a bottleneck in the manufacture of steam generators for the main equipment of nuclear power islands. The variation laws of the diameter, roundness, perpendicularity, roughness, microhardness, and residual stress in relation to the feed, speed, and drilling depth are explored in the macro- and micro-dimensions; also explored is the wear morphology of BTA drills. The internal influence mechanisms between them are revealed in order to provide a scientific basis for the control of surface quality and machining accuracy as well as the optimization of process parameters. Our research results indicate that the guide block wear is mainly concentrated at the top 1–2 mm and that the drilling depth and feed have a great influence on the machining diameter. The hole wall roughness is between 0.3 and 0.6 μm, the maximum microhardness is about 2.15 times the hardness of the matrix material, and the residual stress is compressive stress. With increases in the feed and drilling depth, the hole diameter and the roughness increase. With an increase in the speed, the roughness decreases and the compressive stress of the BTA deep-hole drilling wall increases.