The underpinning pile can be added to support upper structures in construction of basement under existing building. While, the bucking stability of piles will decrease in the process of surrounding soil excavation. In this paper, a removable model box was designed, and the bucking stability tests on large-scale piles in different excavation depth conditions are carried out in the box. The test results indicate that the constraint of surrounding soil and the ultimate bearing capacity of the tube pile gradually decrease with the ratio of soil excavation. And the ultimate bearing capacity of the tube pile relatively increases and the eccentric arm of the pile increases when the pile gyration radius decreases. The ultimate bearing capacity decreases with the initial eccentricity. It is noteworthy that the ultimate bearing capacity of the tube pile remarkably increases after setting up horizontal sustain, which is especially obvious when the horizontal braces are set in middle of pile or the brace stiffness are strengthened. The calculation formula for the ultimate bearing capacity of tube pile is put forward based on the test results and the influence rules of the key parameters. Comparing the ultimate bearing capacity of tube pile obtained from the calculation formula with that from the test results, it is shown that the change law is the same. In condition of axial compression and eccentric compression, the average deviations are 10% and 8% respectively.