Explicitly modelling tailings consolidation behaviour contributes to improve integrated management approaches and accurately estimate the storage capacity of tailings storage facilities (TSFs) to better predict their static and dynamic stability. However, slurry tailings demonstrate a highly non-linear evolution of stiffness and hydraulic conductivity during consolidation, thus significantly complexifying the determination of their hydromechanical properties. In this study, an approach to update Mohr Coulomb parameters and simulate the continuous evolution of hydraulic conductivity and stiffness of tailings materials with the reduction of the void ratio was proposed and embedded in a finite difference code to more realistically simulate the evolution of material properties during sequential loadings. The model was validated using laboratory column tests and various predictive functions were tested to estimate hydraulic conductivity for field applications. Finally, the developed approach was applied to a simplified model of tailings impoundment to illustrate practical applications. Results from this study indicated that the approach developed was able to capture the non-linearity properties of tailings during consolidation, and that using continuously updated stiffness and hydraulic conductivity could induce significantly different magnitude and rate of consolidation than models with constant properties. Predictive models such as Kozeny–Carman and Kozeny–Carman Modified models also gave a satisfactory estimation of tailings behaviour, at least for preliminary studies. The simple modifications to the numerical codes proposed in this paper could therefore significantly improve the numerical simulation of tailings behaviour in the short term and contribute to a better planning of deposition plans.