With depth increase of many mines, the damage of surrounding rock by high ground stress cannot be ignored under the blasting excavation method. In view of the strong disturbance of surrounding rock caused by dynamic excavation and unloading under high initial rock stress conditions, based on the elastic unloading theory, the analytical solution of dynamic excavation and unloading stress is given using the residue theorem and Laplace inverse transform. The stress field distribution under the coupling effect of blasting load and initial rock stress is described. By making a rock model and implementing biaxial loading using a drop hammer to simulate the impact load, radial cracks generated by the impact stress wave and circumferential cracks generated by unloading during excavation were captured, and the stress change curve during excavation was monitored. The monitoring curve and theoretical curve have consistency in trend. Under the coupling effect of blasting load and initial stress, surrounding rock will generate tensile stress and broken, and the unloading effect of initial stress occurs after the blasting load, which causes tensile damage to the surrounding rock. The stress field curve plotted by the theory explains well the crack propagation caused by the coupling effect of blasting load and initial stress.