<p>In this study, the influence of fluctuating groundwater level (GWL) on piled raft was investigated using centrifuge tests. The focus was on settlement and load transfer mechanisms during the rising and falling phases of GWL fluctuation. The results showed that fluctuating GWL significantly impacts the settlement of piled raft, with a marked increase in settlement during the rising phase. As the GWL approached the soil surface, the occurrence of settlement became more pronounced, consistently observed throughout the GWL fluctuation cycles. The overall magnitudes of settlement decreased with repeated cycles of fluctuating GWL. When compared to footing and group piles under the same GWL fluctuation condition, the GWL-induced settlement of piled raft was 60.9% and 141.9% of those from footing and group piles, respectively. The load transfer results showed that the axial load within the upper pile zone of piled raft decreased after GWL fluctuation, suggesting reduced shaft resistance and negative skin friction within this zone. The load-sharing ratio (α_p) of piled raft under GWL fluctuation was also evaluated. α_p decreased from 0.69 to 0.38 as GWL fluctuation continued, becoming more significant as the GWL approached the soil surface. Changes in α_p with GWL fluctuation were closely related to mobilized settlements of piled raft. For the rising phase of GWL fluctuation, changes in <i>α</i>_<i>p</i> were clear, whereas <i>α</i>_<i>p</i> maintained constantly for the falling phase.</p>