The artificial freezing method can effectively improve the stability of strata and provide favorable conditions for the construction safety of shield tunnel in water-rich strata. Based on the frozen shield tunneling project of a metro station, which is close to important buildings, a reasonable freezing method and parameters are proposed in this paper. The simulation model was established by using Plaxis 3D finite element software (Version 2017). The numerical model was verified based on a large amount of field data. The characteristics of segment deformation, ground surface settlement and vertical displacement of buildings were compared between frozen layer and nonfrozen layer during shield tunnel excavation. It was found that segment deformation in the nonfrozen layer is three times that in the frozen layer. The surface settlement above the frozen layer is less than 2 mm. Expansion excavation of shield tunnel was carried out to meet the space function of subway station using artificial freezing method. The deformation of frozen layer was compared between full section excavation and partial excavation. It was found that the deformation of the former is 4.5 times that of the latter, so the partial excavation was chosen as the main research object. Subsequently, the characteristics of vertical displacement and surface settlement of buildings under partial excavation were studied. It was found that the vertical settlement of buildings away from the frozen layer is greater than that of buildings near the frozen layer. All settlement values meet the requirements, thus ensuring the feasibility of partial excavation and ensuring the safety of construction.