With a focus on the Gaogang second-line shiplock, under construction on the Yinjiang River in Taizhou City, as a study object, a finite element model of sheet-pile structures with underground retaining walls was established based on the ABAQUS platform. The model can be used to predict the deformation behavior of an anchor pile and underground retaining wall and the internal force state of the bar in different stages of the construction period. Based on ABAQUS user subroutines, the Duncan-Chang constitutive model was developed to simulate the stress-strain characteristics of soil in the process of soil filling and excavation. The exponential contact constitutive model was used to simulate the interaction between the underground retaining wall and the soil. Results from the finite element analysis were compared with the measured data. The results show that the established finite element model of sheet-pile structures with underground retaining walls can accurately predict the deformation of the anchor pile and underground retaining wall and the internal force of the bar in different stages of the construction period.