A three-span, three-story model of the Nanjing subway station was designed and manufactured, using galvanized steel wire and microconcrete to simulate the rebar and prototype concrete, respectively. At the same time, a large-scale shaking table test on critical failure characteristics of the subway station structure under liquefaction effect was conducted, using saturated sand with overlying clay as model field soil to serve as a seismic liquefaction site. The acceleration and excess pore pressure of the model soil, as well as the acceleration, strain, horizontal displacement, and lateral pressure of the model structure were measured and analyzed. The results showed that under the main shock action of a Shifang wave with PGA of 0.8g, the liquefaction effect lasted for a long time, and the upper soil layer of pore pressure dissipated slowly. The liquefaction potential of the model site was defined based on D′Alembert′s principle and compared with the distribution of the pore pressure ratio. This proved both the inhibition effect of the soil liquefaction around the underground structure and the promotion effect of soil liquefaction a certain distance away from the structure. The most severely damaged parts were the interior columns of the underground structure, and the interior columns on the bottom layer had reached the critical failure state.