The construction of an urban metro will inevitably involve deep excavation. Risk assessment before deep excavation, risk reduction measures, and real-time monitoring during excavation can effectively ensure the safety of deep excavation. Taking the deep excavation pit of Lingbi Road Station of Hefei Rail Transit Line 8 as the research object, this paper first analyses and evaluates the self-risk, groundwater risk, and surrounding environmental risk of the deep excavation pit, and gives the corresponding measures to reduce the risk of the deep excavation pit. Then, the monitoring content of the excavation process is determined according to the environment of the excavation, the hydrogeological conditions, and the type of supporting structure, and the monitoring scheme is designed. Finally, the entire excavation process is monitored in real time. By analyzing the monitoring data of 13 projects, such as horizontal displacement of the wall top, axial support force, groundwater level, etc., it is found that the monitoring values of 13 projects do not exceed the control value. This proves that the composite internal bracing structure of the underground diaphragm wall is suitable for deep foundation pit support in the Hefei area, as the selection of the water-bearing deep foundation pit support structure, the value of the support structure parameters, and the design of the foundation pit dewatering scheme are all reasonable. The study of this paper also serves as a case reference for the support design of water-bearing deep excavation of subway station in Hefei area.