Since the 1990s, urbanization process in China has accelerated, and the industries in the urban waterfront area have gradually moved out. The urban waterfront area has been included in urban renewal plans and has gradually gained its popularity. Guangzhou has abundant reusable waterfront industrial heritage resources. Due to the scarcity of relevant theoretical research, the dominant position of commercial factors and the low awareness of the value of industrial heritage by all parties in society, some problems occurred, such as the demolition in the process, the weak relationship between new functions and industrial history, the privatization of industrial heritage and waterfront space, and the cover-up of the industrial history of the site.