Strut-free retaining walls are an efficient and cost-effective technology for large-scale excavations, but their application at excavation depths of more than 10 m in soft soils has rarely been reported. An innovative multibench retaining system composed of an inclined–vertical framed retaining wall (IVFRW) and a cantilever wall with anchors was used in a 14.7-m-deep excavation in soft clay in Tianjin, China. To analyze the pile–soil interaction considering the influence of the second stepped excavation, indicators were monitored to provide comprehensive measured data. Field measurements included the lateral deflection and vertical displacement of the retaining wall, the ground water level variation, the ground settlement, and the axial force of the piles within the IVFRW. The measured results indicated that the wall displacements and the ground movements caused by the excavations were small in comparison to those of previous projects and empirical formulas. The influence of the second stepped excavation on the soil|structure interaction and its influence on the axial force of the IVFRW were analyzed. The optimal values of the first stepped excavation depth (H1) for different site conditions were further investigated.