In order to strengthen the waterproof effect of concrete circular underground bulk grain silo, the steel-enclosed concrete technology is introduced into the construction of the underground warehouse to combine the waterproof measures and structure force analysis. The silo was analyzed by ABAQUS finite element in the conditions of empty and full. The results showed that the deformations of the silo enclosed with steel were 25.8% and 14.25% of the reinforced concrete underground silo, respectively. 28.19% of concrete and 75.20% of steel were saved by using enclosing with steel, compared with reinforced concrete underground silos, through the economic analysis. So the underground concrete silo enclosed with steel had good structural stability and economic benefits.