Abstract: As China's urbanization shifts from rapid growth to steady development, and as urban development turns from large-scale expansion to quality improvement and efficiency gains in existing built-up areas, the redevelopment of inefficient land has become an important instrument for optimizing land-resource allocation and improving spatial governance. This paper systematically reviews the policy evolution of inefficient land redevelopment, analyzes the background and drivers of policy emergence and pilot reforms, and, drawing on Guangzhou's practices, discusses the challenges and transformation strategies for the new period. The study finds that inefficient land redevelopment has evolved through four phases: policy emergence, provincial and municipal pilots, nationwide promotion, and model innovation. The allocation of land development rights and the distribution of benefits constitute the core driving mechanism of redevelopment. In response to multiple challenges in the new period, local governments should strengthen integrated coordination, adhere to local adaptation and differentiated guidance, adopt distinct development-right allocation pathways for different redevelopment models, and promote a transformation in governance.