Because of its high mechanization, high automation and low-impact to the surrounding buildings and structures, shield tunneling has been widely used in the subway tunnel construction. However, deformation of stratum induced by shield tunneling is prone to cause inclination and even cracking or collapse of surrounding buildings. So there are so many safety risks in the subway tunnel construction that lead to frequent accidents. Based on the site measurement results, this article chooses a certain subway tunnel section of Line No. 2 of Wuhan Metro to systematically analyze and summarize the spatial and temporal effects and influence factors of the surface subsidence including the tunnel design parameters, geological conditions and the construction parameters. The research results are helpful to the shield operation parameter optimization and adjustments, controlling and reduction of the safety risks in the construction, and provide a useful reference for similar constructions in the future.