The transition analysis and type division of landscape heritage are the effective management methods to achieve the overall conservation and targeted utilization of modern urban parks. In this study, Shenyang Zhongshan Park, the first modern urban park in Shenyang, was taken as the research object to explore the historical and cultural value of modern urban parks in Northeast China. The current status and transition characteristics of landscape heritage were analyzed, and the landscape heritage types were divided by their conservation and utilization evaluations. A total of 44 landscape heritages existed in Shenyang Zhongshan Park, including three categories, i.e., 15 historic sites, 20 cultural comprehensive sites, and 9 natural sites. Based on the IPA model, the landscape heritage was further divided into three subcategories, i.e., already designated for conservation (ADC), should be designated for conservation (SDC), and should be restricted scale (SRS). ADC was composed of one historic (Chiyoda water tower), two cultural comprehensive (water sources), and three natural (ancient trees) landscape heritages. SDC was a landscape heritage with long construction age, high importance, poor conservation, and high utilization, which can represent the cultural characteristics of the park and the need to speed up the improvement of its protection system. SRS weakened the cultural characteristics of the park. Its construction intensity should be reduced to highlight the core themes of the park (i.e., historical and cultural themes). In the future, modern urban parks should be conserved and utilized based on identifying different landscape heritage types. This study provides a theoretical basis for the management and development of modern urban parks from the perspective of conservation and utilization of landscape heritage.