The large-scale extraction of coal resources in the western mining areas of China has resulted in a significant loss of water resources, which is a challenge for coordinating resource extraction with ecological preservation in the mining areas. Although underground reservoir technology can effectively solve this problem, measuring the storage capacity of underground reservoirs through engineering experiments is costly and time-consuming. Currently, there is a lack of accurate, reliable, and low-cost theoretical calculation solutions, which greatly restricts the promotion and application of underground reservoir technology. The theoretical calculation methods for underground reservoir capacity were studied based on parameters from the Shendong mining area in China. A water storage structure model for coal mine underground water reservoirs was established, taking into account the settlement boundaries of the bedrock and loose layers in shallow coal seams, based on the key layer theory and the spatial structure model of the mining roof. The mathematical expression for the load on the coal-rock mass in the goaf was derived considering the rock breaking characteristics of the mining roof. The model determined the range of each water storage area, including the zone of loose body, zone of gradual load, and the compacted zone, based on the strength of the water storage capacity. The key parameters for calculating the water storage capacity were determined using a modified model for shallow thick loose layers and thin bedrock movement. Finally, a calculation method for the storage capacity was obtained. Based on the real data from the 22,615 working face of a mine in the Shendong mining area, the water storage capacity of the underground reservoir in the goaf was jointly calculated using FLAC3D, Surfer 12.0 and the proposed calculation method. The calculated water storage capacity was approximately 1.0191 million m3. Although this result was 2.20% smaller than the on-site water pumping experiment data, it still verifies the feasibility of the above calculation method for determining the water storage capacity of underground water reservoirs.