The purpose of this study is to analyze an insulation property and to establish a design standard for the underground space in architecture. Insulation materials for this study are 12 kinds of Insulation which qualified KS standards(3 classes of EPS type 1, 3 classes of EPS type 2(Neopor), 3 classes of XPS and 3 classes of PU Boards). For insulation materials of underground space, insulating and water tightening property are desired. So conductivity for insulating and water absorption for water tightening are measured in this study. Temperature, insulation is exposed to in the underground space, is different from temperature above the ground. Conductivity is measured in a temperature of $17^{circ}C$, $20^{circ}C$, $23^{circ}C$ and $26^{circ}C$. In KS standards, water absorption are measure after 24 hours, but insulation is exposed to water for a long time in the underground. So after 110 days, water absorption are measured. As time goes by, increasing of water absorption means decreasing of water tightening and insulating. So after water absorption had measured for 110 days, conductivity has measured again. As a result, XPS is selected as optimized insulation for underground. And Conductivity of XPS insulation with water should be added by 20%.