In view of the structural damage done to the pile side soil by jacked piles, a modification has been made of the Tresca yield criterion. Based on the theory of spherical cavity expansion, the theoretical solution has thus been obtained of the limit reaming pressure considering the depth effect. According to the dissipation law of excess pore water pressure on the side soil of the jacked piles, combined with the Henkel theory, this paper seeks to establish the excess pore water pressure dissipation formula considering the structural damage and depth effect of the pile side soil, thus further obtaining the formula for calculating the relationship between the bearing capacity and the time of jacked piles in soil foundation. A comparison has been made between the theoretical values worked out by adopting this method and the calculated results and measured values yielded by other methods, thus verifying the reliability of the method. On this basis, a further study has been made of the influence of the structural damage coefficient and interval time on the excess pore water pressure of jacked piles. The results show that the smaller the distance between the pile and the pile center is, the faster the dissipation rate of the excess pore water pressure in the side of the jacked pile will be, and the higher the bearing capacity of the jacked pile will be as well; with the radial damage coefficient β1 a known number, the excess pore water pressure in the same buried depth decreases with the increase of depth damage coefficient β2, and the deeper the pile side soil is, the more obvious the influence of the thus further verifying the necessity of taking into account the structural damage in the radial and depth directions of the soil simultaneously.