Abstract: The sandy cobble stratum layers have characteristics such as strong permeability, high porosity, poor self-stability, and large response after disturbance. If the parameters of shield tunneling are not properly controlled, some safety accidents would occur, such as instability of the tunnel face, collapse, and water gushing. Therefore, identifying the influencing factors of ground settlement and segment tunnel deformation during shield tunneling in the water-rich sandy cobble stratum has important guiding significance for safe construction. The shield tunneling through sandy cobble stratum under Luohe in the Luoyang metro section is taken as the engineering background in this paper. A three-dimensional finite element model of shield tunneling construction is established using ABAQUS software based on the fluid-solid coupling theory. The numerically simulated and on-site measured ground settlement data are basically consistent, and the accuracy of the finite element model is verified. The single-factor analysis method is used to study the influential parameters of ground settlement and segment deformation, which include shield tunneling pressure, synchronous grouting pressure, and equivalent layer thickness. The results indicate that increasing shield tunneling pressure and synchronous grouting pressure, while reducing equivalent layer thickness, can reduce surface settlement and segment tunnel arch crown settlement. Conversely, increasing shield tunneling pressure while reducing synchronous grouting pressure and equivalent layer thickness can reduce the horizontal displacement of the arch waist of the segment tunnel. The sensitivity of influencing factors to the two indicators of ground settlement and segment arch settlement is determined using the orthogonal experimental method. The descending orders for both are:synchronous grouting pressure, shield tunneling pressure, and equivalent layer thickness.