The Zhaozhou Bridge, built during the Sui dynasty (581–600) by Li Chun, is a masterpiece of world bridge engineering for its 37.02 m span, remarkably low rise-to-span ratio of 0.195, and two spandrel arches on each side. Although the bridge was included in the list of “potential World Heritage Bridges” in the ICOMOS 1997 document, its heritage values have not yet been systematically examined within the World Heritage framework. Against this background, this paper aims to improve the conservation of the Zhaozhou Bridge based on a value-based approach, which is widely used for the nomination, protection and management of World Heritage Sites. The paper analyses the heritage values of the Zhaozhou Bridge, identifying the value attributes and their expressed elements based on an understanding of the principal concepts in the World Heritage framework, and examines the bridge’s current conservation practices. Then, the paper proposes value-based conservation strategies, including establishing a long-term protection and management mechanism, digitally interpreting the bridge’s original structure, recovering its historical settings, and recognizing and protecting the Chinese open-spandrel stone arch bridges. These strategies could enhance the authenticity and integrity of the Zhaozhou Bridge’s value expression and promote a more comprehensive and sustainable approach to its conservation.