The invention discloses a segment lining structure adapting to large surrounding rock deformation. The structure comprises a foundation segment (1) and a retractable joint (6), the retractable joint (6) comprises an inner side end panel (2) and an outer side end panel (5), the inner side end panel (2) is fixedly connected with one side surface of the foundation segment (1), the retractable joint (6) is provided with a plurality of compressible layers, and the compressible layers are provided with deformable compression components (3). The invention further discloses a construction method of the structure. The segment lining structure adapting to large surrounding rock deformation comprises two parts, namely the foundation segment and the retractable joint, the retractable joint is providedwith the plurality of compressible layers, the compressible layers are provided with the deformable compression components, thus when surrounding rock generates large deformation, the retractable joint is subjected to an extrusion effect of adjacent segments at two sides, the compression components generate compression deformation, space is provided for surrounding rock deformation, surrounding rock stress is released, and the tunnel segment structure is prevented from being damaged.