This paper proposes a method for analyzing comprehensive theoretical digging performance of an excavator based on the convex polytope. The convex polytope is generated by using Newton–Euler’s equations to establish dynamic relationships between the digging capability of the bucket and the driving capability of hydraulic cylinders with the consideration of the excavator tipping and slipping constraints, and is used to identify the excavator’s output capability for digging forces and moments in the bucket force space. A set of indices for theoretically quantifying the digging capability, digging efficiency, as well as the matchability between the manipulator mechanism and the driving capability of hydraulic cylinders are proposed based on the polytope, and they are used to assess the digging trajectory characteristics and the dynamic digging performance of the entire excavator workspace. Two case studies for the excavator’s digging performance assessment and optimal digging trajectory generation are conducted to test and validate this method. The proposed method contributes to comprehensively and deeply understand the design principles of an excavator, and shows the promising application prospect for guiding the design and development of new excavators.