When a tunnel is excavated in the water-rich soft rock stratum, the strength of the soft rock is greatly reduced due to the seepage of groundwater. The condition may result in engineering accidents, such as large deformation, limit invasion, and even local collapse of the tunnel. Therefore, it is very important to research the stability of the surrounding rock in the water-rich soft rock tunnel. The water-rich disturbance factor considering the seepage influence of groundwater and blasting disturbance is proposed, and the generalized Hoek–Brown strength criterion is modified on the basis of the immersion softening test of soft rock. In accordance with the classical elastic–plastic mechanics theory, the stress, strain, and displacement calculation formulas of the tunnel surrounding rock are derived. The displacement of tunnel surrounding rock is analyzed using the derived formula and the modified Hoek–Brown strength criterion and then compared with the measured value. Results show that the displacement of surrounding rock, which is calculated by modified Hoek–Brown strength criterion considering water-rich disturbance factor and the displacement calculation formula, is close to the measured deformation of surrounding rock in water-rich soft rock tunnel, and the error is small. Therefore, the modified Hoek–Brown strength criterion can be applied to the water-rich soft rock tunnel, and the derived displacement calculation formula can accurately calculate the deformation of tunnel surrounding rock. It is of great significance to the study of surrounding rock stability of water-rich soft rock tunnel.