Urbanization and population concentration in China’s major cities drive high land utilization demands, affecting nearby bridges during underground construction. Foundation pit construction alters the internal forces, deformation, and displacement of bridge piles. To understand these impacts and assess excavation support rationality, a case study was conducted on an ultra-deep foundation pit near an elevated ring road bridge in Wuhan. Considering the engineering geological conditions of the project site, construction sequence, and traffic load on the bridge, a three-dimensional finite element model was established to simulate the impact of foundation pit excavation on the elevated structure. And through an analysis of tracked monitoring data from the construction site, comparisons were also made with the simulation results. The findings of this case study indicated that throughout the entire construction phase of the foundation pit, the maximum horizontal and vertical displacements of the bridge foundation structure caused by the construction are 2.98 mm and −1.75 mm, respectively; the maximum change rate of the bending moment in the bridge structure due to the foundation pit construction is 6.3%, while the change in the axial forces is small, and completely within the safety control standards for bridge structure displacement. By analyzing the monitoring data over three stages within one year after the completion of the foundation pit, it is shown that the bridge structure gradually tends to stabilize. Additionally, due to soil consolidation, its displacement shows uniform rebound and tends to stabilize. The research findings provide valuable reference points for the design and construction of similar deep foundation pit projects.