Since accidents such as roof caving, rock fragmentation, and severe deformation are particularly likely to occur during roadway excavation in soft and thick coal seams, grasping the range and distribution of deformation and fracturing of surrounding rock is of crucial for evaluating roadway stability and optimizing support design in such coal seams. In this study, based on the stress paths encountered during roadway excavation, true triaxial loading and unloading tests were carried out on soft coal, and the deformation and strength evolutions of soft coal under different intermediate principal stress conditions were analyzed. The test results show that the stress–strain relationship in the pre-peak plasticity-strengthening and post-peak plasticity-weakening stages follows a quadratic function, and the strengeth evolution conforms to the Mogi–Coulomb criterion. Moreover, analytical solutions for the displacement of surrounding rock, the radius of the broken zone, and the radius of the plastic zone of soft-coal roadways under excavation stress paths were derived after taking the nonlinear hardening and softening characteristics of the strain of soft coal, the Mogi–Coulomb criterion, the intermediate principal stress, and the dilatancy characteristics of surrounding rock into comprehensive consideration. Finally, in accordance with a practical engineering case, the influences of the intermediate principal stress coefficient, the lateral pressure coefficient, and the support force on the deformation and failure characteristics of the soft-coal roadway were analyzed. The analysis reveals that an increase in intermediate principal stress aggravates the deformation of surrounding rock and enlarges the plastic and broken zones; variations in the lateral pressure coefficient alter the shape of the broken zone and the distribution of surface displacement; and an increase in the support force effectively reduces the plastic zone, broken zone, and surface displacement of the roadway. The research results can provide valuable theoretical basis for the stability evaluation and support design of soft-coal roadways.