The two-stage method is used to analyze the pipeline shear deformation which caused by the underneath shield tunneling. In the first stage, the Loganathan formula is applied for studying the ground loss at the pipeline axis caused by the tunneling. The Timoshenko beam theory and superposition method are combined to simulate the pipeline deformation. Then, through comparison with the existing results and engineering monitoring and centrifuge test data, the proposed result was verified to be correct. The influence of ratio of elastic modulus of pipe to soil, the diameter of pipe and the shear stiffness of pipe on the pipe deformation has been further studied. The results show that the maximum vertical displacement of the pipe decreases with the increase of the tube-to-soil modulus ratio and the diameter of the pipe. The shear stiffness of the pipeline has a great influence on the displacement of the pipeline, and the decrease of the shear stiffness can lead to the increase of the maximum displacement of the pipeline.