The underground hole pile excavation method causes a large vertical displacement in a weak stratum, which affects the safety of structures. For the first time, the hole pile excavation method is being used to construct a subway station in South China, and the settlement law of the area is not clear. It is important to clarify the deformation law of the hole pile excavation method in weak strata and the effect achieved by appropriate reinforcement measures. In this paper, by establishing a three-dimensional finite element model of the structure–soil contact element and combining it with the field monitoring data, the law of surface settlement caused by the hole pile excavation method with different thicknesses of the weak stratum has been studied. In order to improve the stability of the surrounding rock and reduce the vertical deformation of the surface, the Metro Jet System (MJS) is used to form inclined piles in the area of large surface deformation, and the effect after reinforcement was evaluated. The results show that as the weak layer thickness ratio increases, the surface settlement also increases. In the case of no reinforcement, a vertical settlement of 116 mm can be achieved when the thickness of the weak layer is 14 m. The vault of the tunnel is in the weak layer and the deformation is obvious. When the vault is not in the weak layer, the settlement is obviously reduced. After MJS pile reinforcement, under the action of soil extrusion, the self-stability of the surrounding rock is strengthened, and the oblique jet grouted pile forms a stable ‘triangle’. The vertical settlement value is basically stable at around 30 mm, which meets the requirements of the regulations. If the tunnel is not reinforced, the self-stability of the surrounding rock above the tunnel arch is poor and the maximum settlement is at the surface. After MJS reinforcement, the maximum settlement is at the vault. The vertical settlement of the ground surface can be effectively controlled by using the MJS pile forming technology in the middle of the tunnel pile driving method.