Underground electrical substations play an increasingly significant role in urban economic development for the power supply of subways. However, in recent years, there have been few studies on the seismic performance of underground electrical substations involving the interaction of soil-structure-equipment. To conduct the study, three-dimensional finite element models of an underground substation are established. The implicit dynamic numerical simulation analysis is performed by changing earthquake input motions, soil characteristics, electrical equipment type and structure depths. According to a seismic response analysis, acceleration amplification coefficients, displacements, stresses and internal forces are obtained and analyzed. It is found that (1) as a boundary condition of soil-structure, the coupling boundary is feasible in the seismic response of an underground substation; (2) the seismic response of an underground substation is sensitive to burial depth and elastic modulus; (3) the oblique incidence of input motion has a slight influence on the horizontal seismic response, but has a significant impact on the vertical seismic response; and (4) the bottom of the side wall is the seismic weak part of an underground substation, so it is necessary to increase the stiffness of this area.