From the perspective of stock development, this paper takes the renovation and upgrade of Changfeng Park in Shanghai as a case study to explore the paths for the revitalization and renewal of urban parks. After Chinese cities have entered the stage of stock development, urban parks face multiple contradictions, including value realization, management efficiency, financial structure, and diverse demands. This study proposes a transition framework: from “spatial production” to “value co-creation”, from “government-led” to “multi-stakeholder governance”, from “one-way investment” to “asset win-win”, and from “closed management” to “open sharing.” The study also elaborates on how Changfeng Park achieved renovation and upgrading through strategies such as enhancing the value of themed activity spaces, involving multiple parties in design, coordinating the green economy, and creating vibrant and open interfaces. The research results provide theoretical and practical references for resolving conflicts in urban park construction and operation and promoting the development of urban green spaces.