In order to solve the problem that only considering the deformation of the side wall or the ground settlement of a single factor of the reliability evaluation may lead to insecurity, a deformation reliability evaluation method considering both the deformation of the side wall and the ground settlement is proposed. This evaluation method is used to evaluate the reliability of foundation pit structure deformation of Jinan metro in Shandong Province, China. Through the study of the deformation of the side wall and ground settlement loss on six profiles, the influence of the coefficient (λ、α and β) on the reliability is considered, and the recommended value of the coefficient (λ、α and β) is given. The reliability of six profiles is evaluated and the reliability level is obtained successfully. The reliability evaluation method can solve the problem that considering a single failure mode may lead to insecurity, and can provide an effective solution to the reliability evaluation of foundation pit retaining structure deformation.