Abstract: The informal economy is a useful complement to the urban economy. In the context of the economic environment in the new era, the formation and characteristics of the urban informal economy have changed, but there are few relevant studies and discussions on its changes at present. Based on the investigation and analysis of the informal economy in the case area, this paper summarizes the formation process of the informal economy agglomeration area, the laws of space-time distribution and the morphological characteristics of the three dimensions. On the basis of revealing the connotation and spatial evolution of the informal economy in the new era, it puts forward the survival and regeneration strategies of the informal economy governance, with a view to providing new ideas for activating the vitality of the urban economy in the new era.