The rapid increase in world population in the 21st century, with associated transport and environmental problems, has encouraged the development of urban underground spaces as an optimal solution in many occasions, including urban renewal schemes. This paper reviews literature on the utilisation of urban underground space for urban renewal to provide a better understanding of how urban underground space can contribute to urban renewal, and of challenges and successes in achieving the goals. The paper concludes that urban underground space present new development opportunities (e.g. land/space supply, less traffic congestion, compact city development, and urban sustainable development) in regeneration of existing urban land. Urban underground spaces, as valuable resources and efficient and effective tools for urban renewal, should be considered by decision-makers for transforming existing urban areas, stimulating vibrant and denser development and mixed land use.