This article focuses on the mud–stone mixture in Dalian New Airport Project and carried out large-scale consolidation tests of mud–stone mixture with different stone contents and scaled standard consolidation tests. The empirical formula for the compression modulus of the mud–stone mixture and the empirical formula for calculating the compression modulus of the on-site mud–stone mixture based on the results of the scaled standard consolidation test were obtained. The research results show that the compression modulus of the mud–stone mixture increases with the increase in the stone content, reaches the maximum value when the stone content is about 80% and then begins to decrease with the increase in the stone content as the mud between the crushed stones decreases. The compression modulus of the mud–stone mixture in this paper is 2–6 MPa. The maximum relative error between the compression modulus obtained by the empirical formula in this paper and the test value is 4.4%, indicating that the empirical formula in this article has high accuracy.