The urban underground infrastructure is a vital part of urban construction. In the context of resilient city, sponge city, and urban renewal, the low-carbon, safe, and coordinated development of urban underground infrastructure is crucial for promoting the high-quality development of cities and helping China achieve its carbon reduction goals. This study summarizes the development status and problems of low-carbon development of urban underground infrastructure and proposes carbon development paths and strategies for new and existing urban underground infrastructures. For new urban underground infrastructure, a low-carbon development strategy that considers the whole lifecycle of the infrastructure is proposed from the perspective of the source, consumer, and carbon fixation sides. For existing urban underground infrastructure, a green transformation strategy that features electrification, intelligence, and practicality is proposed alongside with a green expansion principle of harmony in diversity. To further promote the low-carbon development of China’s urban underground infrastructure, the following measures are suggested: figuring out the greenhouse gas emission status, improving the top-level design, strengthening the research and development of low-carbon technologies, and promoting policy incentives.