Abnormal surface subsidence has become a widespread geological problem being faced by cities. As a first-tier city in the world, there are problems such as unclear analysis of subsidence mechanism. Therefore, the monitoring of the Shanghai surface is particularly important. In this paper, the Sentinel-1A satellite SAR image data of 36 scenes covering Shanghai area from January 2018 to March 2020 were processed on the basis of time-series interferometry synthetic aperture radar technique. The subsidence rate field and accumulated surface subsidence in Shanghai area during the study period were obtained, and the spatial–temporal distribution characteristics of subsidence in the study area were discussed and analyzed from many different aspects. Moreover, the correlation between regional subsidence and geological structure, precipitation, urbanization, and other influencing factors were analyzed and established. Results show that the non-uniform subsidence in Shanghai area is clear, and those of the districts of eastern Songjiang, southern Jinshan, and Fengxian are more serious with a maximum subsidence rate of -26.2 mm/yr. After analyzing the causes of subsidence, the special foundation of soft soil in Shanghai area is determined as the main reason for the subsidence, and the uneven subsidence is mainly caused by the over-exploitation of groundwater, human activities, and the subsidence of soil layer. Through comparative analysis, factors, such as rainfall, groundwater, and urbanization process, have high correlation with surface subsidence.