This study aims to offer the fundamental data for finding a relationship between urban housing regeneration and urban govenance through case studies of two successful regeneration projects of lilong housing in Shanghai: Xintiandi and Tianzifang. For this purpose, analytical case studies on the change of urban fabric, land use, and architectural and spatial characteristics through regeneration were conducted, including an investigation of the mechanism of urban regeneration, the process of how the urban govenance was applied for urban regeneration strategy, and its effect on urban regeneration. In Xintiandi, the relocation of the existing residents and the change of urban fabric and land use were inevitable, affected by top-down regeneration. On the other hand, Tianzifang is bottom-up regeneration by residents, artists, and professionals, so it was possible to keep the existing urban fabric and architectural and spatial characters. As a conclusion, lessons for the future regeneration of urban housing were suggested.