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To explore the stress-bearing characteristics of the “inner tensioned steel ring–segment–surrounding rock” composite structure in TBM (Tunnel Boring Machine) pressurized water conveyance tunnels, a 3D refined finite element model for this composite structure was established, with the Class V surrounding rock section of the TBM pressurized water conveyance tunnel in the Rongjiang-Guanbu water diversion project selected as the research subject. The effects of the internal water pressure, surrounding rock type and tunnel burial depth on the mechanical properties of the composite structures are studied. The findings demonstrate that reinforcing the tunnel structure with an inner tensile steel ring can effectively constrain tunnel deformation, diminish the tensile stress of segments and the extent of tensile zones, and enhance the bearing capacity of the composite structure. Under the effect of internal water pressure, the compressive stress of segments, vertical deformation, joint opening degree, stress of connecting bolts, stress of the inner tension ring, and stress of anchor rods all exhibit a reduction compared to the scenario without internal water pressure. Under the combined action of external water–soil pressure and internal water pressure, variations in surrounding rock types lead to respective increases of 37.16%, 15.75%, and 15.12% in the stress of connecting bolts, segment joint misalignment, and anchor bolt stress. As the tunnel burial depth increases, the stress of connecting bolts and the vertical deformation of segment and the joint misalignment of the pipe segment increase by 140%, 107% and 60.61%, respectively. In addition, under the combined action of external water and soil pressure and internal water pressure, the load-sharing ratios of the surrounding rock, pipe segment, inner tension ring and anchor rod are 34.87%, 34.59%, 21.59% and 8.95%, respectively, and the load-sharing ratio of the inner tensioned ring is 85.80% higher than that observed in the absence of internal water pressure, indicating that internal water pressure effectively enhances the load-sharing performance of the inner tensioned steel ring. In the composite structure, the load-sharing ratio of surrounding rock decreases as the surrounding rock class increases (from Class III to Class V). Under the same load condition, the load-sharing ratio of Class III surrounding rock is 7.14% higher than that of Class V. As the tunnel burial depth increases, the inner tensioned steel ring and anchor rods function more prominently as reserve-bearing components. When the tunnel burial depth reaches 71 m, the load-sharing ratio of the inner tension steel ring and anchor rod increases by 19.91% and 55.72%, respectively, compared with that of the buried depth of 31 m. The research results can provide a theoretical reference for the lining design and late reinforcement measures of similar tunnel projects.