Tourism gentrification in traditional industrial areas presents issues regarding the privatization of public spaces, transformation of public services to cater to tourists, erosion of community social bonds, and the commodification of regional consumption, which has far-reaching impacts on residents’ stress and their desire to relocate. This study aims to understand the impact of tourism gentrification from residents’ perspectives with a case study of the 798 Industrial Art Zone in Beijing, China. Using Q methodology, residents living in the community (N = 20) were involved in the interviews. The finalized statements (N = 26) were derived from the interviews. Based on the stress threshold theory, the results revealed four factors that influence residents’ stress: neighboring environment, community attachment, economic interest, and cultural identity. This study further proposes a framework with four dimensions (i.e., environmental, relational, economic, and emotional) to explain the relocation decision-making of residents in traditional industrial areas due to stress from interactions with migrants and visitors, and changes to the place-functions of industrial regions and communities. This study is the first to conceptualize tourism gentrification in traditional industrial areas by elucidating the residents’ stress. It provides practical guidance for policymakers and destination marketing organizations for promoting the sustainable development of industrial tourism.