The thrust system, an important subsystem of a tunnel boring machine (TBM), primarily provides thrust force and adjusts TBM’s attitude in real time. In the tunneling process, only controlling the thrust speed causes pressure oscillations, increases soil deformation, and leads to surface subsidence or upheaval. Conversely, solely relying on pressure control causes fluctuations in speed, making it difficult to ensure that the deviation between the designed tunneling axis (DTA) and the actual tunneling axis (ATA) remains within the permissible range. Due to the increase in geological complexity and higher construction quality standards, primarily relying on single-mode speed or pressure control has become inadequate to meet operational demands. Therefore, to realize higher safety and precise trajectory tracking, it is necessary to ensure speed and pressure compound control for thrust systems. This paper proposes a novel adaptive sliding mode control (ASMC) strategy for thrust systems, which is composed of a proportional pressure relief valve (PPRV) and a proportional flow control valve (PFCV). Firstly, PPRV and PFCV are modeled as a second-order system and an ASMC is employed to control the pressure and speed. Next, to assess the performance of the ASMC controller, simulation experiments were conducted under various conditions, including speed regulation, sudden changed load, and disturbed load. The simulation results indicate that compared to the Proportion–Integral–Differential (PID) controller, the ASMC controller shows almost no overshoot in speed and pressure control during the initial stages, with the response time reduced by approximately 70%. During speed regulation process and sudden changed load process, the response time for both speed and pressure control is shortened by about 80%. In the disturbed load process, the ASMC controller maintains pressure stability. In conclusion, the ASMC controller significantly improves the response speed and stability of the thrust system, exhibiting better control performance under various operating conditions.