Old community renewal project (OCRP) is an important part of urban regeneration and can solve some of the problems caused by rapid urbanization. The diverse stakeholders involved in OCRP often have conflicts due to unclear benefits sharing, which hinders the progress of the transformation. Based on the Shapley Value method, this paper added three correction factors of ‘policy support’, ‘cooperative relationship’ and ‘development space’ to establish a benefit sharing model of OCRP. Then, a case study was conducted in the end to validate the model. The results of the case showed that the actual main beneficiaries are enterprises and governments. Benefits sharing under the enterprises-led OCRP implementation mode is more balanced. The results indicate that the model can be used to quantify benefits sharing of OCRP in China and reduce conflicts among stakeholders, thereby promoting OCRP smoothly. This study provides a model to compare the sustainability of different modes of OCRP in China and other economies.