At the begining of the 21st century, the development and utilization of underground space in Shanghai started a rapid development period, and a network and multicore based development form of underground space was fundamentally established in the central urban area. The new urban master plan of Shanghai sets the goal of basically building a global city of excellence by 2035, and thus the development and utilization of underground space resources entered a new era. The main achievements and some shortcomings of the development of urban underground space in Shanghai are comprehensively summarized, and sustainable development goals and strategies for future development opportunities and challenges are put forward. The innovative development of underground space in Shanghai will shortly focus on urban renewal and refined management, mainly including the development of underground space resources in urban renewal area, underground transportation and municipal infrastructure, the development and utilization of deep underground space resources, underground engineering technology and management mechanisms.