Reuse of old industrial areas strongly impacts urban renewal and social development. However, it is limited by significant pollution and damage of buildings. In the decision-making stage, it is necessary to conduct a reasonable vulnerability analysis of old industrial areas. This study focuses on establishing a reasonable and effective vulnerability assessment model to be used in actual work. First, based on literature analysis, a normal cloud model was employed to establish the assessment process and model. Second, foundation damage, structural bearing capacity, and other building safety indicators, as well as environmental safety, were included in the vulnerability assessment indicator system. Thus, through indicator selection and optimization, the vulnerability assessment indicators and their quantitative methods were determined and parameter features of the cloud model were programmed by the forward cloud generator. Finally, the Shougang Industrial Area, to be reused as the Winter Olympic Park, was selected as the case study. The vulnerability analysis results show that the vulnerability assessment method strongly agrees with the actual status and that the assessment results provide a basis for improving the vulnerability of old industrial areas for reuse.