Drawing on Pierre Bourdieu's field theory, this study investigates the Qingguo Lane historical and cultural district in Changzhou City, analyzing the evolutionary mechanisms of cultural capital reproduction and social space reconstruction. The research finds that the local government, leveraging institutional cultural capital and symbolic power, selectively codifies historical narratives—such as the official discourse of “the first lane of Jiangnan celebrities”—to dominate the construction of a new cultural field. Developers, in turn, capitalize on economic resources to drive spatial reproduction, converting cultural capital into economic capital and shaping a consumer-oriented field characterized by an “elegant gathering and slow-living” lifestyle. Meanwhile, indigenous residents face displacement, loss of social capital, and deprivation of cultural interpretive rights amid the dynamics of capital. The renewal process not only transforms the material space but also reconstructs social relations through a closed-loop conversion between cultural and economic capital, presenting a dynamic logic of “institutional cultural capital dominance—economic capital proliferation—social capital dissolution.” The study underscores the need for future culture-oriented urban renewal to prioritize the sustainable reproduction of cultural capital and the inclusive development of social space, in order to balance heritage conservation with community rights.