During excavation of deep rock, the release of strain energy plays an important role in geologic hazards caused by excavation. However, in the previous studies, the influence of transient unloading of in situ stress caused by blasting excavation has been ignored, and the blasting excavation of a tunnel is regarded as a single blast process. In this paper, the dynamic adjustment process of strain energy and the energy storage limit of surrounding rocks caused by transient unloading of in situ stress under elastic conditions were firstly analyzed. Then, the brittle-ductile-plastic transition model based on the Hoek–Brown strength criterion was simulated in FLAC3D. Finally, the dynamic release process of strain energy of surrounding rocks caused by multiple unloading disturbances was analyzed during the excavation of 2# Underground Laboratory of Jinping II Hydropower Station employing the newly proposed index, energy release coefficient (ERC). Results show that the strain energy of surrounding rock masses firstly decreases, then increases, next reduces, and finally stabilizes under the transient unloading of in situ stress. In the process of dynamic change of strain energy, when the strain energy exceeds its storage limit, a large amount of strain energy will be released and thus will lead to damage of the surrounding rock masses. Because the cut holes and the first circle of breaking holes are far away from the final excavation boundary, the unloading disturbance to the strain energy of surrounding rock masses is small. Furthermore, the energy release of surrounding rock masses is mainly caused by the unloading of the last circle of breaking holes and perimeter holes, and the closer to the final excavation boundary, the more intense the energy release.