Herein, the technical and economic feasibility of corrugated steel support structure for highway tunnel shafts are examined. First, the application characteristics of corrugated steel in the primary support of tunnel, reinforcement lining, thermal insulation lining, and partition wall of ventilation guide tunnel are discussed, clarifying the application possibility of corrugated steel in the support of tunnel shafts. Then, based on the engineering geological conditions of the Yinggeling tunnel, the mechanical properties of corrugated steel structure are verified using theoretical calculations and numerical simulations. Based on the theory of structural bearing capacity, the manual calculation is conducted, and the axial compressive strength of concrete and the resultant force of earth pressure are analyzed. Additionally, based on the principle of load-structure model, ABAQUS finite element is employed to construct a three-dimensional numerical model of corrugated steel considering soil-structure interaction. Subsequently, the mechanical response under actual working conditions is analyzed and simulated, thus proposing a design scheme of support of shaft using corrugated steel. Finally, the construction technology of support using corrugated steel is described in detail, and the cost-benefit of this approach is compared with the traditional design scheme. The research results show the following: (1) The corrugated steels are technically feasible in primary support of tunnel shaft, exhibiting safe and stable state in stratum. (2) Although the cost of the corrugated steel support is 10% higher than traditional scheme, but the structural strength,  bearing capacity, and deformation adaptability are much higher. (3) The corrugated steels effectively seal surrounding rock water gushing, shorten construction period, and improve construction efficiency, exhibiting good comprehensive economic benefits.