For the purpose of strengthening the safety management of underground space of Shanghai to mitigate the potential threats due to climate change, the analysis using SWOT method is conducted. In this paper, the status of underground space in Shanghai is firstly presented; then the moving average trend analysis method is used to account for two main meteorological elements including temperature and precipitation, making clear the situation incurred by climate change in Shanghai. Furthermore, the overall situation with regard to the extreme weather disasters and sea level rise are discussed. Finally, based on SWOT analysis model, this article identifies strengths and weaknesses of underground space as well as the opportunities and threats when the city is faced with climate change. Results of the analysis suggests: Underground space, with a certain degree of inherent advantages of protective properties and thermal stability, can raise land-use capability and improve the ecological environment; however, disadvantages still exist such as closure, irreversibility and the limitation of rescue forces. Underground space can improve energy efficiency with great significance to the mitigation of climate change, being able to adapt to the severe weather; however, events such as waterlogging and sea-level rise would threaten the safety of underground space.