Large language models (LLMs) have achieved remarkable success in diverse tasks, yet their safety alignment remains fragile during adaptation. Even when fine-tuning on benign data or with low-rank adaptation, pre-trained safety behaviors are easily degraded, leading to harmful responses in the fine-tuned models. To address this challenge, we propose GuardSpace, a guardrail framework for preserving safety alignment throughout fine-tuning, composed of two key components: a safety-sensitive subspace and a harmful-resistant null space. First, we explicitly decompose pre-trained weights into safety-relevant and safety-irrelevant components using covariance-preconditioned singular value decomposition, and initialize low-rank adapters from the safety-irrelevant ones, while freezing safety-relevant components to preserve their associated safety mechanism. Second, we construct a null space projector that restricts adapter updates from altering safe outputs on harmful prompts, thereby maintaining the original refusal behavior. Experiments with various pre-trained models on multiple downstream tasks demonstrate that GuardSpace achieves superior performance over existing methods. Notably, for Llama-2-7B-Chat fine-tuned on GSM8K, GuardSpace outperforms the state-of-the-art method AsFT, reducing the average harmful score from 14.4% to 3.6%, while improving the accuracy from from 26.0% to 28.0%.