The development of urban underground space is a necessary way to realize the sustainable development of the city, and it is also an essential means to solve urban environmental problems such as traffic congestion and resource shortage. Scientific suitability evaluation is the prerequisite for the rational planning and development of underground space. Previous studies have encountered problems such as an imperfect index system, a single weighting method, and loss of membership degrees in fuzzy evaluation, which have led to unreasonable evaluation results. Taking the northern coastal cities of Weifang as the research area, the evaluation index system is established, and the index weights are calculated by the improved structural CRITIC. An improved fuzzy mathematical evaluation model based on the weighted summation method is proposed to carry out the suitability evaluation of underground space development in the research area. The results show that: (1) The proposed method of combination weight and improved fuzzy mathematics evaluation takes into account the scientific weight and avoids the subjective bias, and also corrects the issue of membership degree loss in the membership matrix of comprehensive evaluation. (2) When the area of the grid unit is 0.02% of the area of the research area, the size of the evaluation unit is more reasonable. (3) The area that is very suitable for underground space development accounts for 8.69%, and the more suitable area accounts for 25.55%, mainly located in the northwest and central–southern regions of the research area. It can provide a reference for the suitability evaluation of underground space development.