This paper first introduces the underground logistics and the research status at home and abroad, and then through the analytic hierarchy process, taking Shanghai as an example, analyzes the ULS feasibility of urban rail transit from the aspects of economic cost, environmental benefit, accessibility and so on, and draws the conclusion that the ring line 4 has the most conditions for urban underground logistics. Finally, the feasibility analysis and comparison of the two underground logistics operation modes of freight train and freight group are carried out. The results show that the choice of the mode depends on the types of goods, the transportation distance, the cost and the impact on passenger transport.