The design of underground spaces is mainly carried out using empirical, analytical, and numerical methods. The convergence confinement method (CCM) is an analytical technique that is widely utilized in analyzing the stability of underground spaces. However, the main challenge in the stability analysis is the selection of an accurate constitutive model for rock mass, and particularly, its post-failure behavior. The existence of water plays a significant role in the stability analysis, whereas this effect is not usually considered in the CCM method. In this research work, a circular tunnel in a saturated medium is modelled and compared with its dry condition. Two types of constitutive models namely elastic perfectly plastic (EPP) and strain softening (SS) are used and compared in order to investigate the effect of water and post-failure behavior on the stability of tunnels. With this respect, the codes are written and incorporated in the constitutive models and various analyses are carried out. The results achieved from the analyses show that the elastic reaction of ground in the presence of water in both constitutive models are the same and that the ground reaction curves (GRCs) and longitudinal deformation profiles (LDPs) are similar. However, the trend of GRC is different in the case where the rock failure occurs and the face of the tunnel goes beyond 0.5D. According to the results obtained, the maximum displacement in a saturated medium with different K values for the SS model is more than that for the EPP model.