The newly constructed Luofengshan Tunnel obliquely underpasses the operating Hanyicun railway tunnel, requiring an integrated assessment of deformation response and service safety. This study combined field monitoring, ultrasonic shear-wave reflection imaging, and three-dimensional numerical simulation to evaluate track-bed settlement, lining deformation, floor integrity, lining stress, and structural safety. The complete third-party monitoring record showed that vertical deformation dominated the tunnel response. The final maximum cumulative values were −17.44 mm for manual lining settlement, −14.91 mm for automated lining settlement, and −11.30 mm for track-bed settlement; the corresponding maximum absolute values of horizontal displacement and convergence were 1.82 mm and 1.40 mm, respectively. Same-period comparisons showed that deformation increments decreased after breakthrough, and post-lining flood-season monitoring showed monthly rates below 1 mm/month. Ultrasonic imaging detected no evident voids or collapse within 2.0–2.2 m below the floor. Numerical simulation showed that incorporating measured initial deformation increased the maximum compressive stress from 4.95 MPa to 6.26 MPa, whereas subsequent underpass excavation and train loading increased it slightly to 6.28 MPa and 6.33 MPa, respectively. The final minimum safety factor was 3.18, indicating that the underpass impact remained controllable.