In the current stage of urbanization in China, urban construction has gradually shifted from incremental construction dominated by real estate to stock transformation based on improving urban quality. The evaluation of urban renewal projects is crucial for decision-making and resource allocation. However, there is no consensus on the evaluation indicators and methods. This study evaluates the current status of urban quality using the MABAC method based on numerical indicators. It evaluates the improvement of urban quality using the VIKOR method based on public satisfaction indicators. It is found that the comprehensive weights and subjective weights of the five first-level indicators in the evaluation index system of urban quality improvement in Shandong Province, namely blue–green space improvement, air cleanliness improvement, road traffic improvement, life service improvement, and governance capacity improvement, are quite different. The weight distribution of these indicators needs to be adjusted and optimized, especially for improving living services, as well as secondary indicators such as black and odorous water treatment, urban clean heating, the number of public vehicles per 10,000 people in the city, the 15 min living circle, the renovation of old residential areas, and the construction of urban intelligent management platforms. Based on the comprehensive evaluation results, an attempt is made to propose a more scientific evaluation index system, providing valuable references for urban renewal management.