Land is a precious resource for urban development that cannot be expanded indefinitely. It necessitates the full utilization of its potential on existing land, the enhancement of land use efficiency, and the reflection of the value inherent in urban renewal. Strengthening the connection between underground space construction and above-ground renewal has significant practical significance. It can not only improve the environment of the central city area but also maximize the commercial value and benefits of land. When developing and transforming the underground space of the central city, the transportation, commercial, municipal, and other functions above and below ground should be integrated into a unified, interconnected whole. This article analyzes three typical underground spaces in the central urban area of Beijing, and proposes the urgent needs, principles, and methods for the renewal and utilization of different types of underground spaces, and seeks planning strategies from the perspective of early planning. The summary is to implement step-by-step planning, supplement and transfer urban functions, combine differentiated development with the current situation, and focus on people's feelings to jointly create a high-quality urban environment for sustainable development.