This paper focuses on the performance of a braced deep excavation in soft soil based on field monitoring and numerical modeling. Laboratory tests were conducted to determine the soil parameters used in the modified Cam–Clay (MCC) model. Intelligent field monitoring means were adopted and a three-dimensional model was established. Spatial and temporal effects induced by the excavation are investigated for the deep-large foundation pit in soft soil. Deformation characteristics of the enclosure structure and the surrounding environment throughout the excavation process are presented. The behaviors of diaphragm walls, columns, the maximum wall deflection rate, ground surface settlement, and utility pipelines were focused on and investigated during the whole excavation process. Besides, the axial forces of the internal supports are analyzed. Based on the measured and simulated data, the following main conclusions were obtained: the numerical simulation results are in good agreement with the measured values, which proves the accuracy of the model parameters; the wall and the ground surface showed the maximum displacement increment at stage 9, which was a coupled product of the “creep effect” of the soft soil in Nanjing, China and the “depth effect” of the excavation; as the excavation progressed, the ground settlement changed from a “rising” to a “spoon-shaped” trend, δvm was measured between δvm = 0.0686%H and δvm = 0.1488%H; the rebound deformation curve of the pit bottom was corrugated, and the depth of disturbance of the pit bottom after the completion of soil unloading was 2–3 times the excavation depth; the closer the pipeline is to the corner of the pit, the less the excavation process will affect the settlement of the pipeline and the less the obvious pit corner effect will occur; the support strength of the buttress and the longest corner brace should be strengthened during the actual construction process to ensure the stability of the foundation deformation.