In this article a comparative study of the renormalization of entanglement in one, two and three dimensional space and its relation with quantum phase transition (QPT) near the critical point is presented by implementing the Quantum Renormalization Group (QRG) technique. Adopting the Kadanoff's block approach, numerical results for the concurrence are obtained for the spin -1/2 XY model in all the spatial dimensions. The results show similar qualitative behavior as we move from the lower to the higher dimensions in space but the number of iterations reduces for achieving the QPT in the thermodynamic limit. We find that in the two dimensional and three dimensional spin -1/2 XY model, maximum values of the concurrence reduce by the factor of 1/n (n = 2, 3) with reference to the maximum value of one dimensional case. Moreover, we study the scaling behavior and the entanglement exponent. We compare the results for one, two and three dimensional cases and illustrate how the system evolves near the critical point.1 arXiv:1610.00761v1 [quant-ph]