To investigate the dynamic response during blasting operations for subway tunnel excavation and ensure the safety of buildings surrounding subway stations, a numerical simulation model of subway station excavation blasting was developed using Midas-GTS software. The study analyzed the propagation of vibration waves during blasting in the excavation area and the vibration response characteristics of surface buildings. Analysis of the simulation results revealed that the peak particle velocity on buildings first decreased and then increased with rising elevation; the peak particle vibration velocity on the floor is highest at the center and lower at both ends; and the maximum vibration velocity on the building occurs at the center of the top floor on the right side. To enhance construction safety, based on the results of the numerical simulation analysis, blasting parameters—including charge quantity per borehole, borehole spacing, and detonation network—were optimized. The optimized blasting plan not only effectively controlled the impact of blasting vibrations but also significantly improved blasting efficiency and reduced the proportion of large fragments in the blasted pile.