In order to reveal the evolution law of adsorbed bound water and the deformation characteristics of high liquid limit soil under static and dynamic loading, Hainan high liquid limit soil and Hunan clayey sand were selected as comparative samples. Through consolidation, consolidation-creep, and dynamic triaxial tests, the deformation patterns of high liquid limit soil under different loading conditions were obtained. By combining nuclear magnetic resonance tests, the variation pattern of adsorbed bound water content in specimens before and after the consolidation and dynamic triaxial tests was studied. The results show that under static loading, the compression coefficient of high liquid limit soil meets the requirements of the Specifications for Design of Highway Subgrades (JTG D30—2019) for subgrade fill materials. The adsorbed bound water content is basically stable, and the consolidation-creep deformation is small. Under dynamic loading, the elastic strain and permanent axial strain of the specimen increase with increasing loading amplitude. Dynamic loading significantly reduces the adsorbed bound water content in the high liquid limit soil, leading to the large plastic cumulative deformation of the soil under cyclic loading. The study can provide a reference for the engineering application of high liquid limit soils as lower embankment fill.