Abstract: This study investigates the influence of groundwater seepage on the stability of the peripheral rock of a water−bearing roadway. The sensitivity of the key factors (burial depth, peripheral rock strength, and water pressure) influencing the stability of the peripheral rock of the water−bearing roadway, as well as the stability of the peripheral rock under different factor conditions, were comprehensively analyzed based on the theory of fluid−solid coupling and the method of combining orthogonal experiments and numerical simulation with FLAC3D, taking a roadway in a metal mine in Yunnan Province as the background. The results showed that the sensitivity of the deformation factors of the roadway roof and two sidewalls under the effect of fluid−solid coupling was in descending order of burial depth, water pressure, and strength of surrounding rock. The smallest combination affecting the deformation of the roof and two sidewalls was water pressure of 0 MPa, perimeter rock strength of 80 MPa, depth of 200 m the largest combination was water pressure of 0.3 MPa, perimeter rock strength of 20 MPa, depth of 500 m. The two sidewalls of the roadway were affected by pore water pressure and compressive stress concentration, which could be used as a reference for selecting support and reinforcement methods in the roadway.