In this paper, Duncan e-b model and elliptic-parabolic double yield surface model were respectively used to analyze the finite element stress and deformation of the rockfill dam with two diversion river core walls, thus comparing the difference in stress and strain of the dam calculated by the two constitutive models during the full storage period of normal high water level. The results show that:(1) the settlement calculated by the two models is relatively close, and the maximum settlement calculated by Duncan e-b model is slightly smaller. The horizontal displacement along the river calculated by Duncan e-b model is larger than that calculated by the double yield surface model. (2) Influenced by the arch effect of the heart wall, the principal stress in the heart wall is smaller than that in the transition layer, the minor principal stress is positive, and no tensile stress appears in the heart wall, no matter in the Duncan e-b model or the double yield surface model. Compared with the double-yield surface model, the stress calculated by Duncan e-b model is more obviously affected by the arch effect. (3) The small principal stress of cut-off wall in full storage period appears tensile stress at the left and right bank corners. The distribution law of the tensile stress area calculated by the two models is basically the same, but the value and gradient of the tensile stress calculated by the doubleyield surface model are larger than that calculated by Duncan e-b model.