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Urbanization is progressing rapidly, while problems raised by climate change are occurring across the globe. Cities are at the center of both of the two tendencies therefore, low carbon or zero carbon cities are being promoted. Urban underground space (UUS) is a key component in the process of urbanization and plays a significant role in creating low carbon cities, as highlighted in this paper. Meanwhile, UUS also involves unavoidable drawbacks regarding energy consumption in terms of lighting, ventilation and dehumidification. In this paper, the advantages of UUS in creating low carbon cities are analyzed, and a framework for calculating the positive low carbon effects derived from UUS use is established. Additionally, some alleviating measures in response to the potential low carbon disadvantages of UUS are proposed. Based on the analysis, some planning and design implications for the development of urban underground space in order to fulfill its role as a contributor to urban sustainability are discussed.