Urban renewal is a planning and renovation activity for cities, and pursuing cultural sustainability as a goal of urban renewal can expedite the achievement of high-quality and sustainable urban development. This paper uses the seven elements of cultural sustainability—Cultural Heritage (B1), Cultural Vitality (B2), Economic Vitality (B3), Cultural Diversity (B4), Place (B5), Eco-Cultural Resilience (B6), and Eco-Cultural Civilization (B7)—as the core indexes to develop a three-level indicator system applicable to cities with Chinese characteristics. The subjective–objective combination weighting method is then employed to assign weights to the indicators. Among them, Economic Vitality (B3) has the most significant weight, indicating that economic vitality significantly impacts the cultural sustainability of Chinese cities. In addition, the TOPSIS method was employed to assess typical Chinese cities. The assessment demonstrates that our cities can preserve cultural heritage, foster cultural vitality, attract a diverse population, and promote ecological civilization construction. The index system is exhaustive, the selection of indicators is appropriate, and the results of the practical application of the assessment are accurate and effective, allowing it to provide scientific planning guidance for urban renewal.