Rock-socketed pile is widely used in coastal wharf, Marine bridge, and Marine power engineering, and the end bearing function is considered more in the design process. However, the lateral friction resistance of rock-socketed piles is an important bearing part, and the load transfer mechanism of the pile–soft rock interface is an important research focus. In this paper, a comparative analysis was adopted in the test, and ten groups of test specimens were made, including five groups of natural and saturated mudstone specimens, respectively. The characteristics of interfacial load transfer were analyzed through the shear test of a pile–mudstone interface. A calculation model for the vertical bearing capacity of rock-socketed piles based on the softening of lateral friction resistance was established, and the effects of interface relative displacement, lateral positive pressure, pile length, and pile stiffness on the vertical bearing capacity of rock-socketed piles were analyzed. The results show that the shear strength of the pile–rock interface is lower than that of the mudstone interface, and the interfacial shear strength shows the characteristics of “first increasing, then decreasing, and finally flattening with the increase of shear displacement”. The vertical ultimate bearing capacity and residual bearing capacity under saturation were 89.49% and 89.73% of the natural state, respectively. With the increase of pile side pressure, the proportion of pile side friction resistance increased by 39.96%, and the pile side friction resistance was fully exerted. With the increase of pile length, the vertical ultimate bearing capacity of pile foundation increased, and the residual bearing capacity change value increased from 6.80% to 16.97%. However, the increase in pile stiffness had little effect on the vertical bearing capacity. The calculation model can provide a certain reference for the design and calculation of rock-socketed piles in soft rock areas.