This paper proposes a dual-parameter strain/displacement safety monitoring technology for railway tunnel lining structures. An integrated monitoring system with FBG (Fiber Bragg grating) and VDM (video displacement meter) components was used to monitor both the strain and deformation of the tunnel cross-section. Initially, a comprehensive experimental study was carried out using FBG strain sensors with temperature-compensated grating. The temperature-compensated grating was used to further improve the monitoring accuracy. The data show that the stability and accuracy were better than the traditional electronic strain sensor. Secondly, high-precision and multipoint monitoring of railway tunnel lining deformation was achieved by using VDM technology. Three months of case study results taken from the Gansu Railway Tunnel in China demonstrated a tunnel cross-section strain accuracy for microstrain and crown deformation at the submillimeter level, respectively. The technology provides a new high-precision way to monitor the condition of tunnel lining structures.