[Purposes] This paper aims to study the influence of multiple factors on the vertical displacement of existing overlying pipelines under shield tunnel construction. [Methods] Based on the Mindlin solution and the three-dimensional solution of the unified soil movement model for shielded tunneling, in the first stage, this paper considered the effects of four factors including the frontal jacking force of the shield, friction between the shield and the soil, grouting pressure at the shield tail, and soil loss rate on the vertical displacement of the existing subway pipelines during shield tunnel construction. As a result, the vertical soil displacement was obtained. The second stage combined the Pasternak foundation model with the finite difference method to propose a calculation formula for the vertical displacement of the existing overlying subway pipelines caused by shield tunnel excavation. Moreover, this paper analyzed both the effects of the frontal jacking force of the shield, grouting pressure at the shield tail, and friction between the shield and the soil on the vertical displacement of the existing subway pipelines in the three working conditions of 12, 0, and ?12 m between the tunnel excavation face and the pipeline, and the influence of different soil loss rates and pipeline rigidity on the vertical displacement of the existing subway pipelines. Finally, the numerical simulation results were compared with the measured data to analyze the variation laws in the vertical displacement of the overlying pipelines under shield excavation construction. [Findings] The vertical displacement curve of the existing overlying pipelines under shield tunnel excavation generally presents a “V” shape, with the maximum vertical displacement always located in the middle of the pipelines. [Conclusions] During shield tunnel construction, the influence exerted by the frontal jacking force of the shield and grouting pressure at the shield tail on the vertical displacement of the existing pipelines is relatively less. Additionally, the soil loss rate and friction between the shield and the soil have a greater effect on the vertical displacement of the existing pipelines, with the friction between the shield and the soil as the main factor causing the slight upward bulging at both ends of the existing pipelines. As the soil loss rate increases, the vertical settlement of the pipelines caused by shield excavation becomes more significant. The greater flexural rigidity of pipelines leads to smaller vertical settlements caused by shield excavation.