With the arrival of the post-industrial era, the renovation and reuse of urban industrial architectural heritage has become an important link in the renewal of urban stock and the continuation of urban historical lineage. Although a large number of industrial architectural heritage has completed the protection and reuse work, there is a relative lack of academic research on the performance evaluation after its use. This paper constructs a spatial regeneration evaluation system of industrial architectural heritage from a quantitative perspective by using the theory of spatial syntax and the AHP-fuzzy synthesis method, evaluates the spatial configuration, history and culture, adaptability and socio-economic effect of regenerated industrial architectural heritage, and proposes a corresponding strategy for the renovation and renewal of industrial architectural heritage based on the feedback information of the evaluation results. The evaluation of spatial regeneration is carried out in Qingdao National Cotton Factory No.5 as an example, and the framework of spatial protection and updating for regeneration of industrial architectural heritage is constructed from the aspects of optimizing the spatial layout of industrial architectural heritage and enhancing the satisfaction of users, with a view to providing scientific references for the protection and updating work of industrial heritage.