The geological formations of the Liaoning Xiuyan Pumped Storage Power Station area are complex, and the seismic intensity is high, with a basic seismic intensity of Magnitude VIII. A three-dimensional nonlinear static and dynamic finite element method was employed to analyze the 124 m-high asphalt concrete-faced rockfill dam of the upper reservoir for the Liaoning Xiuyan Pumped Storage Power Station. The numerical results indicate that the deformation pattern of the asphalt concrete-faced rockfill dam is reliable. During the water storage period, the maximum values of downstream displacement and settlement of the dam are 23 cm and 54 cm, respectively, and the maximum tensile strain of the asphalt-concrete faced is 0.3%. When considering the rheological behavior of dam materials, both the maximum values of downstream displacement, settlement of the rockfill dam, and the tensile strain of the asphalt-concrete faced are increased. Under the design earthquakes, the maximum values of downstream, axial, and vertical accelerations of the dam are 8.7, 9.3, and 6.1 m/s², respectively, and the maximum values of dynamic displacement are 19.8, 21.2, and 15.9 cm, respectively. The maximum value of post-earthquake settlement at the dam crest is 52 cm, with a settlement rate of 0.42%. As for the asphalt-concrete faced, the maximum values of axial and downstream dynamic tensile strains during the earthquake are 0.18% and 0.25%, respectively. When static strains are superimposed, the maximum values of axial and downstream tensile strains during the earthquake are 0.25% and 0.35%, respectively. The overall safety performance of the dam is good, and there will be no major safety problems during the earthquake, and the design scheme can save about 204 million RMB of investment after demonstration. Further, the dynamic response to the design and check earthquakes under the dead and normal pool level conditions is analyzed, which can provide a reference for related asphalt concrete-faced rockfill dam projects.