Abstract: With the development concept of ecological civilization construction as the basic focus, green development has proposed a path of green, lowcarbon, and circular development. The development process of underground municipal infrastructure in China and other countries is investigated, and case studies are conducted based on the structure of urban construction and renewal in Jiangsu province in China. The drawbacks found in research on the development of underground municipal infrastructure construction are summarized and analyzed in terms of land conservation, water conservation, environmental pollution reduction, and comprehensive energy utilization. A green and lowcarbon development strategy for underground municipal infrastructure is finally proposed. Conclusions for the above are as follows: (1) The underground transformation of municipal infrastructure should be combined with urban renewal research, and this is to be implemented to support policy regulations. (2) A universe "above ground + underground" spatial plan should be prepared based on the actual situation in various regions. (3) The construction, management, and operation should be standardized for the underground municipal infrastructure. (4) Active exploration and promotion of the "fourinone" should be conducted to reduce pollution and carbon emissions, while simultaneously improving efficiency. The "above ground + underground" renewal for the existing municipal infrastructures should be implemented for integration and coordination, which is useful for the urban stock space to address the land limit on the ground, improve the urban living environment, and achieve green and sustainable development.

Key words: urban renewal, green development, municipal infrastructure, underground transformation, pollution and carbon reduction; utilization of stock space