On January 23, 2024, an M_W7.0 earthquake struck Wushi County, Xinjiang. To investigate its seismogenic mechanism and tectonic characteristics, differential interferometric synthetic aperture radar technology was used to process Sentinel-1A ascending and descending track images, yielding the coseismic deformation field. The results are as follows. (1) The M_W7.0 earthquake induced significant surface deformation over an area of ~90 km×70 km, dominated by overall uplift. The maximum deformation in the line-of-sight direction was ~0.8 m for the T56 ascending track, ~0.38 m for the T34 descending track deformation field, and ~0.55 m for the T136 descending track deformation field. (2) Within two months after the earthquake, deformation in the epicentral and surrounding areas tended to stabilize. (3) Fault parameters were determined on the basis of the elastic half-space dislocation model (Okada) and distributed slip inversion. The results indicated that the rupture mechanism of this earthquake was predominantly thrust-dominated, with a moment magnitude (MW) of 7.04, a strike of ~231°, a dip angle of ~58°, and a rake angle of ~58°. (4) Using the coseismic deformation as a constraint, combined with the calculation of static Coulomb stress changes on surrounding faults, it is suggested that both ends and the perpendicular directions of the Maidan fault exhibit a relatively high future rupture risk.