Abstract: The renewal in peri-urbanization areas of the Pearl River Delta is the special object of urban renewal and 'three old' transformation research. This paper sorts out the relevant research and differentiates it into three aspects. Firstly, this paper analyzes its overall characteristics and define it qualitatively. It is regarded as the movement to confirm and empower the collective construction land, the institutional change that breaks the government's monopoly of the primary land market, or the 'secondary urbanization' of peri-urbanization areas. Secondly, it studies the research about 'renewal into real estate' and finds that: (1) The defects of property rights and the internalization of collective management lead to the complex pattern of interests. The balance of interests is the key to the renewal. The conversion of collective land to state-owned land in practice is an important institutional breach. (2) The fragmentation of space also restricts the renewal. The key to the integration of renewal is the overall planning of the government, and its effective way is the renewal of the whole village. (3) The renewal may cause the losses of public interest, which are attributed to the pursuit of interests by developers, rent seeking of government, the government controlled by the community of village and society, and the fragmented renewal. Only the role of government is a positive factor in safeguarding public interests. Thirdly, it focuses on research on 'industrial protection zone' and renewal of 'industry to industry' in recent years. The practice of 'industrial protection zone'is an innovation of policy and planning management, aiming at protecting industrial land. The core of renewal of 'industry to industry' is to break the financial dilemma through institutional innovation and model innovation.