Land subsidence is a common geological hazard in urban areas. It can be caused by human activities such as land reclamation and subway construction. However, rapid urbanization can accelerate the progress of these activities. Therefore, spatial-temporal analysis of land subsidence can provide a guarantee for rapid urbanization progress. In this study, Shenzhen, one of the fastest urbanizing cities in China, is selected for continued land subsidence monitoring. We collected 153 Sentinel-1A images from December 2015 to July 2021 and utilized an interferometric point target analysis method to generate the land subsidence in Shenzhen. Additionally, we analyzed the relationship between land subsidence and typical urbanization progress: land reclamation, transportation network, and urban construction. The results show that land subsidence mostly occurs in the western reclamation area, with a maximum rate of −74.9 mm/a in Qianhai Bay. Areas with larger quaternary marine sediment thickness in the range of 10–20 m are more likely to experience subsidence. Obvious subsidence (