This study explored underground biomethanation as a means to achieve carbon neutrality and promote carbon circular utilization by methanating CO2 and hydrogen-rich industrial waste gas in depleted natural gas reservoirs (MECHIG). This approach not only aids the development of carbon capture, utilization, and storage (CCUS) technologies, but also effectively processes industrial waste gas, thereby reducing pollutant emissions. In order to verify the feasibility of the MECHIG concept, this study builds upon the analysis of the MECHIG process overview and employs the net present value (NPV) analysis method to investigate its economic viability. Additionally, the study conducts a sensitivity analysis on six factors, namely methanation efficiency, facility site investment, hydrogen content in waste gas, natural gas prices, operation and maintenance (O&M) investment, and CO2 capture and injection prices. The results indicate the following: (1) Under the baseline scenario, the NPV of the MECHIG concept is approximately CNY 5,035,100, which suggests that the concept may be economically viable. (2) The fluctuation in natural gas prices has the most significant impact on NPV, followed by facility site investment and methanation efficiency. In contrast, the variations in hydrogen content in waste gas, O&M investment, and CO2 capture and injection prices have relatively smaller effects on NPV. (3) To ensure the economic feasibility of the concept, the acceptable fluctuation ranges for the factors of methanation efficiency, facility site investment, hydrogen content in waste gas, natural gas prices, O&M investment, and CO2 capture and injection prices are −16.78%, 5.44%, −32.14%, −4.70%, 14.86%, and 18.56%, respectively.