With the continuous advancement of urbanization in China, the research on the benefit evaluation of urban renewal has become particularly important. Based on the practice of urban renewal in Shixi Village, Guangzhou City, relevant influencing factors is selected to construct a comprehensive benefit evaluation model of urban renewal. Based on system dynamics, the comprehensive benefit of Shixi Village urban renewal project is predicted, which includes three subsystems: economy, society and environment. The results show that profit is the main factor affecting economic benefits, population mobility and traffic accessibility are the main factors affecting social benefits, and the carbon emission of buildings throughout their life cycle is the main factor affecting environmental benefits of urban renewal. According to the research results, some suggestions are put forward to promote the sustainable development of urban renewal and urban development.