Shield tunneling is bound to cause the settlement of overlying soil in soft soil area, which will lead to the overlying existing pipeline-soil interaction. Therefore, it is very important for practical engineering to quickly and accurately evaluate the influence of tunnel excavation on the settlement deformation of overlying pipeline by theoretical method. Based on this engineering condition, the additional stress of the existing pipeline under the influence of shield tunneling was obtained by Loganathan formula firstly. Then, the energy equation of the overlying pipeline system under the influence of shield tunneling was established by using the two-parameter Vlazov foundation model and combing the influence of lateral soil on both sides of the pipeline. Then, the total energy of the pipeline was solved by energy variational theory, and the analytical solution of pipeline-soil interaction was obtained. Compared with the measured data of the existing centrifuge, the rationality of the method was verified. Compared with the analytical results of Vlazov and Winkler foundation degraded by this method, this method was closer to the measured data. Further parameter studies show that increasing the volume loss rate will lead to a linear increase in pipeline deformation and bending moment. However, increasing the vertical distance between the tunnel and the pipeline will reduce the deformation response of the pipeline. The increase of the angle between the tunnel and the pipeline will reduce the deformation of the pipeline, but will increase the bending moment of the pipeline.