According to the characteristics of the underground space of Yuzhong Peninsula of Chongqing, the safety risk evaluation of underground space development was carried out. Firstly, using the geological environment survey data, the safety risk evaluation index system of underground space development was screened and established based on the analytic hierarchy process (AHP) and expert questionnaire survey method. Secondly, the comprehensive evaluation model of safety risk was established combined with fuzzy evaluation and variable weight thought. Then, the safety risk evaluation system of the underground space development of Yuzhong Peninsula was developed based on ArcGIS Engine, which realizes the functions of regional overall evaluation and risk analysis of a tunnel plan to be built. Finally, the overall safety risk of 0~150 m underground development was evaluated, and a tunnel to be built was selected for refined risk analysis. The result shows that the evaluation system developed in this paper is loaded with fuzzy comprehensive evaluation analysis model considering variable weight to complete the 3D evaluation of Yuzhong Peninsula underground space, and it can be used for the auxiliary route selection design of the planned track project to be built crossing the evaluation area.