The construction of underground logistics systems (ULS), driven by the dual forces of the carbon circular economy and smart logistics technologies, has emerged as an effective strategy to mitigate traffic congestion and reduce environmental pollution. Urban distribution, a critical component of modern logistics systems, directly influences both urban economic efficiency and sustainable development. In cities with existing metro networks, leveraging these resources to develop a collaborative and efficient underground logistics system—capable of diverting surface freight, alleviating congestion, and minimizing environmental impact—has become an urgent research priority. Accordingly, a systematic review of metro-based logistics research is warranted, with emphasis on planning and implementation priorities, including the theoretical evolution of ULS, urban applications, and network design and route optimization. This study proposes a staged development pathway for metro logistics systems: initiating pilot projects to accumulate operational experience, followed by localized expansion from “points to lines and lines to networks,” and ultimately establishing a comprehensive citywide logistics network that enables systematic integration and efficient utilization of underground space.