Abstract: With the rapid development of social economy and science and technology, the construction of smart city is speeding up day by day. The development and utilization of urban underground space is imperative. The research on underground space has great development potential and value. Guided by the current development trend, technical characteristics and market competition of enterprises, this paper introduces the advantages of geological exploration industry in the development and utilization of underground space. In view of how to realize the sustainable development of underground space, it is pointed out that under the premise of maintaining the original competitive advantage, the strategy of "bringing in" and "going out" should be implemented with scientific and technological innovation as the core, and the development mode of geological exploration industry should be actively explored.