This article introduces the urbanization background and policy background of the old community renovation，analyzes the reasons for carrying out the old community renovation plan，and points out the huge potential of the old community renovation as a successor to the shantytown renovation in driving investment and improving people’s livelihood. Furthermore，we analyze the differences and connections between old community renovation and urban renewal and introduce the urban renewal system that has been established in Shenzhen. Based on policies and a practical case，we analyze the investment and financing modes of the old community renovation，including the sources of funds，return mechanism，and implementation key points. We introduce typical business modes of urban renewal under market-oriented operation，and explains the participants，participation methods，renovation contents，profit model and exit methods under different modes. This article introduces future urban renewal themes such as state-owned enterprise reform，health care industry，and digital community，introducing relevant policies and cases. Finally，we summarize the characteristics of old community renovation and urban renewal and their connections with the PPP mode，and give suggestions on the application of PPP mode in these fields.