The objective of this study was to establish a satisfaction evaluation model of industrial heritage renewal by evaluating the performance of old industrial buildings after renewal, then judging the adaptability and accuracy of the transformation strategy and putting forward targeted improvement suggestions. The data were collected through a questionnaire survey and analyzed by the statistical package for social science (SPSS) software using a structural equation model (SEM) and importance–performance analysis (IPA). The results show that (1) history, culture, and placeness have the largest average satisfaction and a positive and significant impact on overall satisfaction; (2) the building regeneration effect has a significant impact on overall satisfaction; and (3) social influence, external environmental perception, and economic benefits have no significant effect on overall satisfaction, indicating the need to strengthen public participation for further research into environmental creation, market-based operation, and land conservation. This case study reflects the distinctive features of internationalization and localization, and provides an indication of local practice in China for world urban renewal and architectural heritage theories.