The renovation of public space environments in old residential areas has become the focal point in Chinese urban renewal and promotion of urban sustainable development; thus, an urgent need for research expansion is attached to identifying the environmental factors of public space and their impacts from the perspective of residents’ needs and satisfaction. Taking Hefei, China, as an example, and based on a satisfaction survey of the public space environment in old residential areas, this study discerned critical factors affecting public space satisfaction through gradient-boosting decision trees and impact-asymmetry analysis methods, after which the asymmetric relationship between public space environment factors and resident satisfaction was tested and the priority and goal of public space environment renovation were obtained. The results indicate that the following: (1) Compared with physical environment factors, current social environment factors, including uncivilized behavior, space occupation, and hygiene and cleanliness, exert a greater impact on the overall satisfaction. (2) The hypothesis that there exists a general nonlinear relationship between environmental factors and satisfaction is verified, with all social environment factors proving to be nonlinear and physical environment factors being highly related to social environment creation, such as nursing space for the old and young, reading and learning space, and display and communication space. (3) A priority hierarchy for the improvement of environmental factors should be established, which basically conforms to Maslow’s hierarchy of needs theory. The role of social environment renovation should be highlighted, along with the necessity to bolster community governance and public space management. At the level of the physical environment, more space should be available for the activities of residents, display and communication, and reading and learning. This study can provide a corresponding theoretical basis and planning inspiration for meeting the multiple needs of residents for public space, improving life happiness, and promoting the sustainable development of cities in the renovation of public space environments in old residential areas.