Vertical records are critically important when determining the rupture model of an earthquake, especially a thrust earthquake. Due to the relatively low fitness level of near-field vertical displacements, the precision of previous rupture models is relatively low, and the seismic hazard evaluated thereafter should be further updated. In this study, we applied three-component displacement records from GPS stations in and around the source region of the 2013 MW6.6 Lushan earthquake to re-investigate the rupture model. To improve the resolution of the rupture model, records from both continuous and campaign GPS stations were gathered, and secular deformations of the GPS movements were removed from the records of the campaign stations to ensure their reliability. The rupture model was derived by the steepest descent method (SDM), which is based on a layered velocity structure. The peak slip value was about 0.75 m, with a seismic moment release of 9.89 × 1018 N·m, which was equivalent to an MW6.6 event. The inferred fault geometry coincided well with the aftershock distribution of the Lushan earthquake. Unlike previous rupture models, a secondary slip asperity existed at a shallow depth and even touched the ground surface. Based on the distribution of the co-seismic ruptures of the Lushan and Wenchuan earthquakes, post-seismic relaxation of the Wenchuan earthquake, and tectonic loading process, we proposed that the seismic hazard is quite high and still needs special attention in the seismic gap between the two earthquakes.