Due to dense buildings and structures and insufficient drilling surveys, the construction of shield tunnels passing through urban karst formations that host dense buildings faces significant risks of surface fracturing and subsidence caused by karst development. Hence, this study employed the microtremor survey technology with strong anti-interference capability in complex environments to address this challenge. Based on the technology, it analyzed the structural characteristics of wave velocities in underground rock formations through the inversion of the apparent shear-wave velocity profile. Combined with geological drilling data, it inferred the bedrock interface, highly weathered unconsolidated formations, and karst cave anomaly zones. Key findings are as follows: (1) The apparent shear-wave velocities in the study area gradually increased from the shallow to deep formations. Formations with wave velocities above and below 300 m/s were inferred to be limestone and Quaternary formations, respectively, with the rock-soil interface at depths approximately between 10~15 m; (2) Seven low-value anomaly zones of apparent shear-wave velocities ranging from 150~240 m/s were interpreted. They were presumed to be unconsolidated formations or karst caves at depths ranging from 8~30 m. Relying on strong anti-interference and high accuracy, the microtremor survey technology can accurately identify the shear-wave velocity structures of underground profiles, lithologic interfaces of formations, unconsolidated formations, and karst cave anomalies. Therefore, the technology is effective in the geological exploration of urban dense building areas with karst development.