With economic development and coal resource exploitation, the area of mined-out zones is expanding continuously. The traditional waste disposal methods no longer meet the current demands, making it urgent to evaluate and reuse the surface stability of these mined-out zones. Surface residual deformation is a process where voids and fissures within the mined-out zones are gradually filled and compacted, affecting the overlying rock structure. Additionally, groundwater significantly impacts the strength of the overlying rock, leading to increased subsidence. Therefore, predicting surface residual deformation while considering the effects of groundwater is crucial for forecasting surface deformation and assessing stability in mined-out zones. This study, taking into account the characteristics of subsidence zones and the impact of groundwater on the compaction of fractured rock masses, uses equivalent mining height and probability integral methods to develop a predictive model for surface residual deformation incorporating groundwater effects. Predictions for the study area show that groundwater exacerbates surface residual deformation, with various deformation values ranging from 33.8% to 51.9%. The surface stability categories are divided into stable and essentially stable regions based on the residual deformation’s impact on the working face. This model fully considers the influence of groundwater on residual deformation in mined-out zones, refining existing mining subsidence theories, addressing deformation issues caused by adverse groundwater factors, and providing a theoretical basis for predicting residual deformation and evaluating stability in mined-out zones, promoting the sustainable development of land and environmental resources in mining areas.