The slope of an open cut tunnel is located above the exit of the Leijia tunnel on the Changgan high-speed railway. During the excavation of the open cut tunnel foundation pit, the slope slipped twice, a large landslide of 92500 m³ formed. The landslide body and unstable slope body not only caused the foundation pit of the open cut tunnel to be buried and the anchor piles to be damaged but also directly threatened the operational safety of the later high-speed railway. Therefore, to study the stability change in the slope of the open cut tunnel under heavy rain and excavation conditions, a 3D numerical calculation model of the slope is carried out by Midas GTS software, the deformation mechanism is analyzed, anti-sliding measures are proposed, and the effectiveness of the anti-sliding measures is analyzed according to the field monitoring results. The results show that when rainfall occurs, rainwater collects in the open cut tunnel area, resulting in a transient saturation zone on the slope on the right side of the open cut tunnel, which reduces the shear strength of the slope soil; the excavation at the slope toe reduces the anti-sliding capacity of the slope toe. Under the combined action of excavation and rainfall, when the soil above the top of the anchor pile is excavated, two potential sliding surfaces are bounded by the top of the excavation area, and the shear outlet is located at the top of the anchor pile. After the excavation of the open cut tunnel, the potential sliding surface is mainly concentrated at the lower part of the downhill area, and the shear outlet moves down to the bottom of the open cut tunnel. Based on the deformation characteristics and the failure mechanism of the landslides, comprehensive control measures, including interim emergency mitigation measures and long-term mitigation measures, are proposed. The field monitoring results further verify the accuracy of the anti-sliding mechanism analysis and the effectiveness of anti-sliding measures.