At the same time as the gentrification movement has increasingly become a mean of urban renewal in some cities around the world, the connotation of the gentrification theory has been greatly enriched, and it has attracted the attention by different disciplines such as geography, planning, and management. In particular, with the rise of the cultural and creative industries in the 1990s, the renovation of old industrial zones led by creative parks has become one of the most important strategies for urban renewal, industrial upgrading and urban marketing, similar to the Western society's gentrification. And how to analyze the logic behind this phenomenon and reveal the dynamic mechanism of gentrification in the old industrial districts has become a research hotspot and difficulty in the study of gentrification and urban planning in the 21st century. In this article the Ningbo Hefeng Creative Plaza was chosen as case, questionnaires and interview data were used and the rooted theory and structural equation model were applied to construct and verify the dynamic mechanism of gentrification in the old industrial districts covering space production, push-pull mode and creative clusters. The findings can be concluded here: (1) The creative restoration process of Hefeng Creative Plaza presents a typical gentrification phenomenon, with characteristics of the openness and multi-landscape dominated by high-end office buildings, privatization of thesettled enterprises, the characteristics of creative production factors and the externalization of production relations, as well as group characteristics of younger population, feelings of creativity and service-oriented, creativity and service-oriented. (2) The phenomenon of gentrification in Hefeng Creative Plaza is a social space replacement formed by the push-pull method under the production of space in the old industrial districts. That is, spatial fix is dominated by the production and reproduction relationships linked by capital, power, and creativity; The material space creation and creative practice of architectural planners and creative class form a spatial representation; Spatial representation promotes the endogenous development and evolution of creative clusters, catalyzes cultural consensus and identity based on cultural, ideal and emotional experiences, and sublimates into a representational space. the Logical path of "sensual recognition of local elements → rational constraints of capital elements and relationship forces → coordination of local elements, capital elements and relationship forces → feedback of relationship forces" has been formed, which has activated the spatial evolution of the old industrial areas. (3) The development of Hefeng Creative Cluster depends on the interaction of cultural atmosphere, office environment, economic location, government policy and social relationship network.