Classical consolidation theory ignores the influence of soil liquid phase acceleration. This paper considers the influence of liquid phase acceleration on the stress balance equation during the consolidation of soil, obtains the one-dimensional equation governing quasi-hydrostatic consolidation under large deformation with the consideration of the inertia of the liquid phase, and solves the governing equations by finite element method. The calculation results show that the liquid phase inertia effect of the soil will cause excess pore pressure in the soil, obviously increasing in the initial stage of consolidation, and the self-weight of soil exerts an influence on the excess pore pressure at the later stages of consolidation. The liquid phase inertia effect parameter Dc determines the strength of the liquid phase inertia effect. A larger Dc value results in a larger increase in the excess pore pressure, and the later the liquid phase inertial effect occurs, the longer the duration is. In the large strain consolidation analysis, especially at the initial stage of consolidation, it is necessary to consider the liquid phase inertia effect of the soil.