The stresses of lime-soil compacted pile are analyzed based on the unified strength theory. The stress of the soil around the hole in the compaction and hole formation process of lime-soil compacted pile is discussed. The elastic solution and elastic limit load are obtained during the hole formation for lime-soil compacted pile; and the relationship between the pressure on the hole wall and the plastic radius is also obtained. This solution considered the intermediate principal stress effect and the strength difference effect in tension and compression. Mohr-Coulomb solution is a special example of this solution obtained. The obtained results have practical value for comprehensively studying the function of the lime-soil compacted piles.