Abstract: Urban underground space is an important expandable territorial space resource of the urban renewal. Scientific assessment of underground space resources is urgently needed. Based on the demands of the development and utilization of underground space for the conservation and development of ancient city, sort out the ways of coordinated organic renewal of underground space. This study analyzes the related factors affecting the development and utilization of underground space resources, and establishes an underground space resource evaluation index system which is suitable for ancient city or old town with historical cultural preservation value. Taking the ancient city of Shaoxing as the empirical research area, based on the AHP method and spatial analysis method, the influence factors are selected to evaluate the demand degree and suitability of underground space development of ancient city, proposing the priority development underground area from the perspective of supply and demand relationship. These results offer a proposal of underground space renewal strategy and planning suggestions, and provide technical support for comprehensive development and utilization of underground space of ancient city.