Historic villages have value and contribute to urban development and regeneration. However, they usually need to meet the preservation criteria of the government or community to be protected. Thus, historic villages are particularly challenging to preserve. In such a context, artist-led urban regeneration is an excellent way to conserve those valuable buildings by applying artwork activities to the historical site. This program was recognized as an effective method to balance economic, cultural, and historical values. The cases of two artist villages in Asia, namely Treasure Hill Artist Village (THAV) in Taipei, Taiwan, and Changdong Art Village (CDAV) in Changwon City, Korea, will be reviewed. However, problems with implementing urban regeneration projects remain, such as unifying operation management and local development policy. To enhance the art-led regeneration project’s value, new factors like “cultural transmission activities,” “creating start-up hubs for artists,” and “promoting local business development” are highlighted. This study aims to provide lessons for future projects, focusing on the Art Village model's sustainable development.