Based on the background of the landslide of Panzhihua, considering the influence of soil tensile strength, combined with the shear strength and using “equal reduction method of tensile shear strength”, the landslide stability is studied in this paper. Through the indoor experiment, the influence laws of moisture content on the different rock and soil layers of the landslide are analyzed; it is found that the internal friction angle and cohesion of the sliding belt soil are more obvious. By using the finite difference software FLAC and equal reduction method of tensile shear strength, the landslide tensile shear critical reduction coefficient, critical internal friction angle and the critical cohesion of the landslide are obtained; it is also found that the landslide there is most sensitive to the internal friction angle of the soil, but the influence force of the tensile strength and the cohesion are very close, so that it can not be neglected. The slope shoulder displacement is greater than the slope base displacement and the slope shoulder displacement changes should be noticed.