The No.4 tailings pond of the Dexing Copper Mine is the second largest in Asia. The tailing pond is a dangerous source of man-made debris flow with high potential energy. In view of the lack of effective and low-cost global safety monitoring means in this region, in this paper, the time-series InSAR technology is innovatively introduced to monitor the deformation of tailings dam and significant key findings are obtained. First, the surface deformation information of the tailings pond and its surrounding areas was extracted by using SBAS-InSAR technology and Sentinel-1A data. Second, the cause of deformation is explored by analyzing the deformation rate, deformation accumulation, and three typical deformation rate profiles of the representative observation points on the dam body. Finally, the power function model is used to predict the typical deformation observation points. The results of this paper indicated that: (1) the surface deformation of the tailings dam can be categorized into two directions: the upper portion of the dam moving away from the satellite along the Line of Sight (LOS) at a rate of −40 mm/yr, whereas the bottom portion approaching the satellite along the LOS at a rate of 8 mm/yr; (2) the deformation of the dam body is mainly affected by the inventory deposits and the construction materials of the dam body; (3) according to the current trend, deformation of two typical observation points in the LOS direction will reach the cumulative deformation of 80 mm and −360 mm respectively. The research results can provide data support for safety management of No.4 tailings dam in the Dexing Copper Mine, and provide a method reference for monitoring other similar tailings dams.