Tiltmeter mapping technology infers hydraulic fracture geometry by measuring fracture-induced rock deformation, which recorded by highly sensitive tiltmeters placed at the surface and in nearby observation wells. By referencing Okada’s linear elastic theory and Green’s function method, we simulate and analyze the surface and downhole deformation caused by hydraulic fracturing using the homogeneous elastic half-space model and layered elastic model. Simulation results suggest that there is not much difference in the surface deformation patterns between the two models, but there is a significant difference in the downhole deformation patterns when hydraulic fracturing penetrates a stratum. In such cases, it is not suitable to assume uniform elastic half-space when calculating the downhole deformation. This work may improve the accuracy and reliability of the inversion results of tiltmeter monitoring data.