The invention discloses a foundation pit excavation model testing device capable of cooperatively hoisting a phreatic water level and a pressure-bearing water head. The foundation pit excavation model testing device comprises a model box, a water tank, a symmetrical plane soil retaining unit, a foundation pit supporting structure, a pressure-bearing empty space, a pressure-bearing water head adjusting system and a measuring system, wherein the model box comprises a model box framework and a counter-force plate; the water tank is arranged at the upper right side in the model box; the symmetrical plane soil retaining unit is fixed on the model box framework through bolts; the pressure-bearing empty space is arranged at the bottom of the model box and is connected with the pressure-bearing water head adjusting system; and the pressure-bearing water head adjusting system is compose of a water pressure gauge, a Marriott bottle and a bracket. The foundation pit excavation model testing device can be used for simulating the hoisting of the phreatic water level and the pressure-bearing water head in a foundation pit excavation process; water-soil pressure and deformation of a foundation pit under different phreatic water levels and pressure-bearing water heads are measured, related testing data is sorted, foundation pit stress, deformation development rules and the like are determined, effective testing data supports are provided for researching foundation pit problems caused by the hoisting of the phreatic water levels and the pressure-bearing water heads, and evidences are provided for theoretical analysis models in the future.