The invention relates to a construction method for excavating a foundation pit close to an existing shallow foundation protection structure. The construction method is characterized by comprising the steps that firstly, during construction, a foundation strengthening and reinforcing body and a lateral deformation soldier pile are arranged on the lower portion of an existing building foundation and the side, close to the foundation pit, of the outside of the foundation correspondingly; secondly, a cemented soil curing waterstop belt is arranged between the building foundation and the lateral deformation soldier pile, and a counter-force cross beam is arranged on the upper portion of the cemented soil curing waterstop belt; thirdly, a prestress oblique anchoring body is arranged on the lower portion of the foundation in a hit mode, and prestressing force is applied; and finally, soil bodies on the lower portion and the outer side portion of the building foundation are taken out, and then a vertical deformation adjustment structure and a transverse deformation adjustment structure are installed. In the excavation process of the foundation pit, the vertical deformation and transverse deformation of a building are controlled dynamically in real time; a gap around the building foundation is backfilled after excavation of the foundation pit is completed, and an anchor rod recovery section is recovered. According to the construction method, the construction technique is simple, deformation of the building foundation can be dynamically controlled in the vertical direction and the lateral direction, and the safety performance of the building foundation can be improved.