Abstract: The importance of protecting traditional villages under the background of rapid urbanization has become increasingly prominent. Existing studies have focused on the overall value formed by people and environment in traditional villages, emphasizing the importance of public participation in the protection of traditional villages, but the dynamic relationship between people and environment and the mechanism of participatory community planning in the protection of traditional villages are still need to be discussed in depth. Based on the theory of space production and participatory planning, this paper constructs an analytical framework of the value of participatory community planning to reconstruct traditional villages. Taking Shenjing Village in Huangpu District, Guangzhou City, Guangdong Province as an example, this paper analyzes the process and mechanism of participatory community planning to reconstruct the value of traditional villages. The research shows that, as a practical activity with multiple participation, participatory community planning reconstructs the value of traditional villages by connecting the relationship between social life and material space. Among them, consensus is the key to stimulating and realizing sustainable public participation and promoting the value reconstruction of traditional villages, public space is the carrier of the value reconstruction of traditional villages, the relationship between people and the environment promoted based on the transformation of material space is the core content of the value reconstruction of traditional villages. In the future, more cases of traditional villages should be selected to discuss whether the value model of participatory community planning to reconstruct traditional villages is applicable and whether the mechanism is different.