Abstract: Xiong’an New Area development is a grand project and a national event. The development and utilization of underground space resources can promote high-quality construction and sustainable development of the New Area. This paper establishes the evaluation index system of geological environment suitability for the development and utilization of underground space resources through the analytic hierarchy process and evaluates the geological environment suitability of underground space resources at different depths. The results show that the evaluation indexes can be divided into five categories and 11 indexes for the development and utilization of underground space in Xiong’an New Area. The main influence indexes are water-bearing sand layer, land subsidence, liquefied sand and corrosion of soil and water, etc. According to shallow, sub-deep and deep underground space, the suitability evaluation results were divided into suitable areas, less suitable areas and sensitive areas. The total area of suitable areas and less suitable areas accounted for about 80% of the New Area, indicating that the overall geological suitability of underground space development and utilization is good in Xiong’an New Area. The evaluation results provide reliable technical support for the high-quality construction and sustainable development in Xiong’an New Area.