The intense exploitation of karst water in Xuzhou city formed the obvious groundwater depression cone and triggered the environmental geological issues, such as: land subsidence, karst ground collapse, and groundwater pollution. In this paper, the evolution characteristics and formation mechanism of karst groundwater depression cone were analyzed. The results show that the evolution of karst groundwater depression cones have three development stages: growth of exploitation - water levels fall (the 1980s), control of exploitation-water levels stable (the 1990s), suppression/forbidden of exploitation - water levels recovery (later than 2000). The dominant influence factors of the evolution and formation are those which surface water resources are insufficient, city life and industry development completely rely on karst groundwater, urbanization area is expanded, effective infiltration recharge reduced, and mine drainage. Through the multiple correlation analysis for the cone water level with the karst water production, the average annual rainfall and land of hardening area, the paper concludes that karst water production for the water level of karst water continues to decline and funnel the leading factor in the formation and evolution. Furthermore, the water resources security countermeasures on karst water exploitation are put forward: reducing groundwater exploitation and making the water level control under different management goals, building reservoirs and afforestation to expand the scope of karst water, using mine-out area to build underground reservoir, which can implement optimal allocation of surface water, groundwater, mine water and urban rainwater.