Entering a new era of high-quality development, China’s urban development is shifting from incremental growth to retrofit upgrading, making urban renovation a key task of the times. Given the comprehensiveness of practical tasks and the complexity of stakeholder interests in urban renovation, multi-party cooperation has become essential to ensure the feasibility and success of urban renovation projects. Through analyzing the relation network of multiple parties in urban renovation, and based on case studies of urban renovation practice in France and China, this paper seeks to reveal the mechanisms of multi-party cooperation in different kinds of urban renovation projects. It argues that: ① only when a cooperative relationship based on consensus regarding land development goals is established among decision-makers, producers, and supporters, can urban renovation projects be implemented smoothly and successfully; ② to achieve this, planning and design should serve as a platform for dialogue, enabling multiple parties to reach an agreement on the win-win goals of minimizing transaction costs and maximizing overall benefits of land development; ③ regarding urban renovation projects that concern mostly the public interest, the government should play a leading role, safeguarding the public interest through intergovernmental cooperation and shared responsibilities; ④ regarding urban renovation projects that concern both public and private interests, enterprises should be actively engaged through government-enterprise cooperation, sharing both the interests and responsibilities of land development for the win-win goals of minimizing transaction costs and maximizing overall benefits.