In order to study the influence of shield tunnel construction on vertical displacement of overlying pipeline under the influence of multiple factors. Based on the Mindlin solution and the three-dimensional solution of the unified soil movement model of shield tunnel, the effects of shield front thrust, shield shell friction and shield tail grouting pressure on the vertical displacement of the pipeline were considered. The effects of different formation loss rates and pipeline stiffness on the vertical displacement of the pipeline were studied through parameter analysis. By comparing the numerical simulation with the field measured data, the variation law of the vertical displacement of the overlying pipeline is obtained. The research results show that the top thrust of the shield and the grouting pressure of the shield end have little influence on the vertical displacement of the pipeline. Formation loss and shield friction have great influence on vertical displacement of pipeline, and shield friction is the main factor causing upward micro-uplift at both ends of pipeline. With the increase of formation loss rate, the vertical settlement of pipeline becomes more significant. The larger the flexural stiffness of pipeline, the smaller the vertical settlement.