The vertical displacement of Gutianxi Dam Ⅳ has several obvious mutations. In this paper,possible causes of the vertical displacement mutation are studied from multiple points of view,such as analysis of correlation between vertical displacement and environmental variables,comparative analysis on vertical displacement and other monitored effect quantities,as well as the establishment of statistical models of vertical displacement. Study shows that vertical displacement mutations of Gutianxi Dam Ⅳ have no significant correlation with the changes of environmental variable,have little to do with dam site earthquake and working point stability,and it cannot reflect the structural variation in dam and its foundation,indicating that the most likely cause is the observation error.