Under the background of the rapid development of urban rail transit in China, the development demand of urban underground space has also greatly increased especially in the rail transit station areas. In this paper, taking the high-speed railway station area of Xuzhou Metro Line 1 as an example, the underground space development demand evaluation is conducted by considering the principle of urban underground space stock planning, the local underground space development conditions, as well as the special planning of the local urban constructions. Using the Analytic Hierarchy Process (AHP), a specific weight indicator scale is employed after the rationality of different weight indicator scales being compared. And then the weight indicator of different function types, i.e., commercial, parking, road, etc., are calculated and laterly utilized to forecast the recent development demand of underground space in the station area. Moreover, the steps to forecast the underground space development demand in rail transit station area are proposed, which can provide a reference for the forecasting of underground space development demand in the urban rail transit station areas.