The deformation of dams has always been the focus of dam safety research. To more accurately study the effect of the Duncan–Chang model on the deformation of homogeneous Earth dams, this paper simulates the displacement variation of a homogeneous Earth dam through the finite element method based on the Duncan–Chang E-B model. The sensitivity of the Duncan–Chang E-B model parameters and the dam material density on the displacement of a homogeneous earthen dam in Gansu Province, China, were investigated using single-factor and multifactor analysis methods. The results show that the displacement variation of the dam during the completion and operation periods is consistent with the general rule for Earth and rock dams; the three parameters
R
f
,
φ
0
, and
Δ
φ
are more sensitive to dam deformation; and the three parameters
m
,
n
, and
K
are less sensitive to dam deformation.