Against the dual background of the transformation of old industrial bases and urban renewal, the protection and utilization of industrial heritage have become an important task for preserving the cultural identity of cities and activating the value of existing stock space. As one of the second batch of national pilot cities for urban renewal, Baotou has revitalized the industrial remains of the former Baotou Cotton Textile Mill by developing the Baomian 1958 Themed Cultural Block, successfully turning the “industrial rust belt” into a “cultural show belt.” Taking this project as a research sample, this paper deconstructs its practical paths of creative transformation, analyzes its transformation effects and practical dilemmas, and puts forward feasible optimization strategies and extensible experience and enlightenment.