Recently, Urban regeneration projects are being carried out to overcome the decline of downtown due to population decline, economic stagnation, and environmental deterioration. Korea introduced the urban regeneration system in the early 2000s and is currently promoting various regeneration projects through the Urban Regeneration New Deal. The purpose of this study is to present a sustainable vitalization plan of the traditional market, for revitalizing the local economy and community regeneration as well as mitigating Gentrification, by analyzing 1913 Songjeong Station Market which was reopened as an Urban Regeneration Project. As a result, the increase in commercial facilities and external visitors after the urban regeneration project had a great impact on the positive and negative perceptions of residents. To promote the sustainable revitalization of the 1913 Songjeong station market, environmental improvement and management should be continuously carried out through a traditional market support policy. It is necessary to expand the community culture through the voluntary participation of merchants to strengthen solidarity and sustainability. In addition, since franchisees in traditional markets have limitations in operation and promotion, it is important to increase the attractiveness index by linking regional characteristics and characteristics of traditional markets through regular consultation and education by experts.