The invention discloses an underground waste management system and method, wherein a surface portion includes a remote transmission management system and data acquisition sensors, such as a waste receiving bin, a lifting power system, visual monitoring, automatic warning, and card swiping management; an underground portion includes an automatic lifting system allowing six classifier waste bins tobe placed, a sand trap, a blow-down pump and a blow-down pipe; background management software includes software available for a PC (personal computer) and a mobile terminal. The underground waste management system and method have the advantages that a waste bin station is placed underground, so that the situation that a bin station is dirty, disorderly and bad is thoroughly changed; facility hardware and software are combined, so that a waste bin station can be remotely monitored in real time, objectively evaluated and effectively supervised by the government; wastes are classified into six categories, common waste, glass, metal, plastics, paper, and harmful waste, so that waste classification can be remotely monitored in real time, objectively evaluated and effectively supervised by the government.