In order to accurately study the dynamic characteristics of soft clay under vibrating loads, the classical double-yield surface model is improved in this paper, and it is introduced time effect which is proposed by Borja to build a constitutive model. The constitutive model considers creep and is suitable for analysis on dynamic characteristics of soft clay. Next, GDS dynamic triaxial experiment is carried out in the indoor, and validation analysis is conducted by means of the experimental data. In order to verify its actual effect, the improved model is applied to settlement calculation of soft clay during subway operation under vibrating loads, and then the calculation result is compared with the experimental data. It shows that the improved double-yield surface model which considers time effect can describe the dynamic deformation characteristics of soft clay more reasonably. And the proposed model is suitable for analysis on settlement of soft clay under vibrating loads of subway