Nowadays, there is a strong demand for underground space development in China. Meanwhile, underground space utilization has shown the characteristics of high construction difficulty, long construction period, high cost, and complex social impacts. A systematic and reliable management system for underground space development has not yet been established. Therefore, it is urgent to carry out strategic study on the comprehensive management of underground space development from both theoretical and practical aspects. By analyzing the current situation of underground space development in China, the problems in the comprehensive management of underground space are discussed from the aspects of laws and regulations, high-level design, management system, geological survey, equipment, information resource, intelligent level, and comprehensive benefit. Furthermore, the development strategy and countermeasures for underground space development in China are proposed. Considering long-term strategic objectives and development principles, the future main tasks include the establishment of a comprehensive management system, improvement in management capacity, intelligentization of space management, and reinforcement of emergency response safety management. Specifically, a national unified coordination system needs to be established for underground space comprehensive management; relevant laws and regulations, standards, and regulatory evaluation systems should be improved; technologies and professionals should be encouraged for key equipment development; and urban underground space survey and information management should be promoted.