Abstract: Among the current researches about the stability analysis of excavation slope, there are few analyses of the impacts on the stability of slope considering the factors of excavation and coupled state of stress-seepage. Therefore, according to the characteristics of seepage and shear strength in the saturated and unsaturated soils, a finite element equation is deduced for the saturated and unsaturated soils considering the coupled effect of the stress-seepage and a strength reduction finite element method is propsed to calculate the excavated slope stability. And a coupled stress-seepage analysis of an excavated slope example has been made in this study. Analysis results show that the unloading effects caused by slope excavation, to some extent, can improve the safety factors of slope calculated in the non-excavation mode. But this improvement would gradually fade and even vanish. Calculations and analysis are also made of various factors which can affect the excavated slope stability. Research results indicate that factors, such as slope excavation speed, initial water level, permeability coefficients and elastic modulus and Poisson ratio, have relatively great influences on the excavated slope stability under the coupled effect of stress-seepage and their effect patterns would be different from the conclusions made by the previous research cases.