In recent years, due to the exhaustion of mine resources and the implementation of the national supply-side reform policy, a large number of mines are facing closure. If they are closed, a large number of resources will be wasted, and related geological disasters will be triggered. However, the closed mines left plenty of resources to use. As a kind of special underground space resource, mine underground space has natural advantages such as sound insulation, constant temperature and humidity, and good shielding, etc. Recently, more and more scholars and relevant departments have gradually paid attention to it. Taking the underground space of metal and nonmetal mines as the research object, this paper systematically sorts out the distribution law and utilization status of underground space resources of metal and nonmetal mines in China, and proposes corresponding development and utilization countermeasures. Taking Meishan Iron Mine as a typical case and combining with the successful development and utilization modes and cases of international abandoned mines, three development and utilization modes, namely underground storage, sewage disposal and science and education, are put forward. The results of this study can provide strategic support for the decision-making of underground space utilization of metal and nonmetal mines in China, and provide theoretical reference for the rational layout of the development and utilization mode of underground space utilization of metal and nonmetal mines in China.