Abstract:Social and environmental benefits are discussed in terms of underground space services and a quantitative evaluation model for the benefit of urban underground space development is proposed through “with and without comparison method” and “aboveground and underground comparison method”. The research results show that the role of urban underground space development in promoting the development of the city is significant, and the land conservation benefits account for the largest proportion of total benefit, followed by saving time benefits. In addition, the spillover effect of underground space development, such as the conservation of land efficiency, air pollution reduction, noise pollution reduction and other benefits, can be internalized through tax, which can act as financing means and decision making basis for the public underground space development.