In order to study the bearing performance of a new type of prefabricated subway station structure (PSSS), firstly, a three-dimensional finite element model of the PSSS was established to study the nonlinear mechanics and deformation performance. Secondly, the bearing mechanism of a PSSS was investigated in detail. Finally, the development law of damages to a thin-walled prefabricated component and the failure evolution mechanism of a PSSS were discussed. The results showed that this new type of the PSSS had good bearing capacity. The top arch structure was a three-hinged arch bearing system, and the enclosure structure and the substructure were respectively used as the horizontal and vertical support systems of the three-hinged arch structure to ensure the integrity and stability of the overall structure. Moreover, the tongue-and-groove joints could effectively transmit the internal force between the components and keep the components deformed in harmony. The rigidity degradation of the PSSS caused by the accumulation of damages to the spandrel, hance, arch foot, and enclosure structure was the main reason of its loss of bearing capacity. The existing thin-walled components design had significant advantages in weight reduction, concrete temperature control, components hoisting, transportation and assembly construction, which achieved a good balance between safety, usability and economy.