To explore the dynamic characteristics and influencing factors of immersed tunnels under the action of earthquakes, 5 groups of shaking table model tests were carried out. Three different site conditions (unsaturated sand site, homogeneous saturated sand site, and nonuniform site), structural stiffness, and seismic wave input direction were considered. By comparing the above influencing factors, the seismic response law affecting the immersed tunnels was obtained. The test results show that, under the action of horizontal earthquakes, the liquefaction of sand and the larger tunnel stiffness may influence the acceleration development of the soil layers; seismic wave input directions affect the excellent frequency and frequency range of the soil layers, and the liquefaction of sand and large structural stiffness change the shape of the Fourier spectrum curve of the soil layers; site conditions, structural stiffness, and seismic wave input direction have a significant effect on the internal forces of tunnels. Normally, the strain in the heterogeneous soil layer under the horizontal seismic wave input is the largest, and the peak strain of the upper side of the tunnel side wall and center column is larger than the lower part, while the mechanism of structural damage caused by vertical earthquakes is different.