Guangzhou has achieved remarkable innovation and results in “Three Old” transformation in terms of simplified procedures for land improvement，and land supply body，land value-added benefits distribution. But there are also outstanding issues，e.g. low overall administrative efficiency，imperfect policy rules，relatively complex transformation of the old villages and old city，illegally built and rent-seeking behavior. The paper suggest Guangzhou should enhance the functions of the leading sector，strengthen the government’s leading role in the benefits distribution mechanism，improve the operation of the policy guidelines to promote transformation into a piece of lace and strengthen supervision and other measures to further improve the “three old” transformation，promote urban renewal.