Abstract: Urban underground space development is an important way to solve “urban diseases”. Since underground space development is irreversible, it is necessary to summarize experience for guiding the development of underground space in a comprehensive way. The development of underground space in Qingdao is going to reach maturity, but there lacks review and summary on the development status, hindering the efficient exploitation process. This paper systematically sorts out the development history of underground space in Qingdao and comprehensively summarizes the current situation and research progress of constructing each function in underground space. It also analyzes the characteristics and problems of underground space development in Qingdao and proposes suggestions for its integrated planning, construction and management. Finally, it clarifies the demand and support for underground space development in terms of high-quality urban development, resources and environment, and charts the path for constructing a “Transparent Qingdao”. This study is of great significance to scientifically and appropriately utilize underground space and to promote underground construction in Qingdao.