Gassy clay, commonly encountered in coastal areas as overconsolidated deposits, demonstrates distinct mechanical properties posing risks for submarine geohazards and engineering stability. Consolidated undrained triaxial tests combined with cyclic simple shear tests were performed on specimens with varying overconsolidation ratios (OCRs) and initial pore pressures, supplemented by SEM microstructural analysis. Triaxial results indicate that OCR controls the transitions between shear contraction and dilatancy, which govern both stress–strain responses and excess pore pressure development. Higher OCR with lower initial pore pressure increases stress path slope, raises undrained shear strength (s_u), reduces pore pressure generation, and induces negative pore pressure at elevated OCR. These effects originate from compressed gas bubbles and limited bubble flooding under overconsolidation, intensifying dilatancy during shear. Cyclic tests reveal gassy clay’s superior cyclic strength, slower pore pressure accumulation, reduced stiffness softening, and enhanced deformation resistance relative to saturated soils. Cyclic pore pressure amplitude increases with OCR, while peak cyclic strength and anti-softening capacity occur at OCR = 2, implying gas bubble interactions.