Abstract: China's spatial production paradigm is undergoing a transformation, and the 2025 Central Urban Work Conference has formally affirmed the shift in the national urban development strategy from incremental expansion to the qualitative improvement of existing urban space. The traditional planning system can no longer adapt to this change in the development mode, making it urgent to explore a planning and governance system suitable for the era of urban renewal. Based on the evolutionary logic of spatial paradigms, this paper analyzes the transformation characteristics of the planning and governance system from three dimensions: subjectivity, spatiality, and temporality. It further explores the adaptive planning and governance model for the era of urban renewal by drawing on typical practices of independent renewal in cities such as Hangzhou and Guangzhou. In response to the characteristics of the renewal era—diversified property rights subjects, complex spatial rights and interests, and dynamic renewal processes—the concept of adaptive planning and governance focuses on three aspects: collaborative governance through consultation, flexible governance, and dynamic feedback. On this basis, the paper develops an adaptive planning and governance system from three levels: framework, technology, and process. It then proposes an institutional system that supports multi-stakeholder collaboration through empowerment and capacity building, addresses complex spaces with flexible tools, and resolves the periodic uncertainties of renewal through whole-process management, thereby promoting the transformation of the planning system from blueprint-based control to adaptive governance.