Abstract: To solve the existing problems in deep-hole blasting, such as the high clamping effect of rock at the bottom of blast holes, low utilization rate of explosive energy, and poor directional fracture control effect, and to reveal the fracturing mechanism of circular double-shaped charge blasting, this study adopted the ABAQUS numerical simulation software and employed the smoothed particle hydrodynamics-finite element method (SPH–FEM) coupled algorithm to establish blasting models of circular single- and double-shaped charge tubes. A systematic comparison was carried out between the two charge structures in terms of the explosive energy release law, migration characteristics of explosive products, stress response, and deformation characteristics of the shaped charge tube. Blasting test on organic glass model was conducted to systematically analyze the mechanisms of crack initiation, propagation, and penetration under the action of circular-shaped charge blasting. The results show that the circular single-shaped charge tube can effectively control the flow direction of explosive products and facilitate the directional release of explosive energy. The peak stress of the tube wall at the shaped charge slot is approximately 22.9% higher than that at the non-shaped charge slot. Owing to the buffering effect of the inner tube, the circular double-shaped charge tube reduces the peak stress at the shaped charge slot of the outer tube by approximately 16.4%, which significantly reduces the deformation of the outer tube. At the same time, the peak velocity of particles ejected along the shaped charge slot is approximately 24.9% higher than in the single-shaped-charge structure, indicating the higher efficiency of directional energy convergence. The model test results demonstrate that circular-shaped charge blasting can preferentially form circular cracks extending along the direction of the shaped charge slot at the bottom of the blast hole, which greatly reduces the clamping effect at the bottom of the hole, guides the radial cracks to extend along the circular crack surface, and improves the crushing effect of the rock mass at the bottom of the hole. Compared to circular single-shaped charge blasting, double-shaped charge blasting exhibits earlier crack initiation and accelerated propagation. It yields a 28% increase in peak velocity, a more linear crack trajectory, and a highly uniform fracture surface. This study elucidates the synergistic fracturing mechanism of the circular double shaped charge, and the findings provide a theoretical foundation and practical guidelines for the precise regulation of explosive crack propagation in deep-hole blasting engineering.