In numerical analysis, the pile equivalent calculation method plays a key role in foundation pit calculation results. However, the effect and mechanism of different pile equivalent calculation methods in the foundation pit has remained unclear. To solve this question, based on FLAC3D, four pile equivalent calculation methods were introduced into a typical pile–anchor pit. This research was carried out from the perspective of soil displacement and stress, special points’ stress paths, and the plastic zone. The results revealed that there was a remarkable influence on the calculation results for different pile equivalent calculation methods. Specifically, compared with structural pile elements, displacements near the pile were smaller in solid pile element mode. Moreover, with the increase in excavation depth, stress concentration appeared in the solid pile element mode. The solid support pile with the interface, compared to that without the interface, had less displacement but more stress concentration around the pile, which led the special points’ stress paths around the solid pile to become irregular. Regarding the structural pile elements, it is suggested that both modeling approaches had a similar effect. These findings could help to provide a deeper insight into pile–anchor foundation pit numerical analysis.