The improvement in design technologies has enhanced the use of different fill materials in construction of the embankment dams. Rockfill is one of the most preferred fill materials for embankment dam. Also, use of different fill material such as sand-gravel has been preferred in recent years. Previous studies on concrete faced sand-gravel fill dam (CFSGD), results of the laboratory experiments and in-situ testing analysis display that using sand-gravel as a fill material is not only cost-effective but also safe and provides high quality natural construction material. In this study, settlement of Karacasu Dam, which is the first concrete faced sand-gravel fill dam in Turkey, is examined for “end of construction” and “reservoir impoundment” loading conditions. Deformations are determined by computing two-dimensional finite element analyses. Hardening soil model is utilized to obtain non-linear, stress dependent and inelastic behavior of the sand-gravel fill material. Deformations which are calculated by finite element analyses, are compared with the data observed by General Directorate of State Hydraulic Works (DSİ) for both end of the construction and reservoir impoundment periods. The comparison of the results indicates that calculated deformations are generally compatible with the observed ones.