Abstract: Based on the investigation and research on the development and utilization of underground space in Yinchuan City, this paper analyzes the development and utilization process and current situation of underground space in Yinchuan City, summarizes the existing problems in the development and utilization of underground space in Yinchuan City, and puts forward suggestions for the development and utilization of underground space. The investigation results show that the development and utilization of underground space in Yinchuan City is in the primary stage, and the utilization rate is low. It is mainly composed of basement, underground garage, underground pipe and underground complex, which is characterized by fragmentation and poor connectivity. It is suggested to actively promote the investigation and evaluation of underground space resources, strengthen the research on the constraint factors of underground space exploitation, build more perfect surface underground space facilities around commercial center, plan underground space in a forward-looking way, reserve underground space resources for future track construction, and actively develop underground public space of green space, park and square.