This study analyzes factors influencing underground space development and utilization in urban centers, which will play an important role in ensuring that the development of underground space resources in China urban centers is scientific, rational and effective. In this paper, the author points out that climate, geological conditions, economy, metro, important historical events and laws and regulations are important factors influencing underground space development and utilization in urban centers; systematically analyzes the functional mechanism of each factor and carries out case studies; puts forward the concept of development coefficient, which is used to evaluate all the factors’ comprehensive influence on underground space development and utilization in urban centers; focuses on establishing an analysis and evaluation model of comprehensive influence from all factors; suggests to use development coefficient to evaluate underground space development and utilization level in urban centers; quantifies the effect of each factor on underground space development in urban centers through model calculation; makes calculations by using actual data obtained in Nanjing Xinjiekou, and gets the final evaluation results of underground space development level in Xinjiekou.